Dekel Capital Arranges $33.3MM Loan for Acquisition and Recapitalization of Class-A Office Building
Dekel Capital provided Moonwater Capital and Apex Financial Advisors with $33.3 million in permanent debt as part of the acquisition and recapitalization of Montecito Tower, a 177,301-square-foot Class-A office building in Las Vegas, NV.
Moonwater acquired the building in 2018 in a joint venture with an affiliate of a global private equity investment firm, which exits the investment. Moonwater will continue as operating partner in the new joint venture with Pennsylvania-based investment management firm Apex.
The 10-year CMBS financing provided by a multinational investment bank, retires the existing debt on the building helping to facilitate the new partnership with Apex.
Dekel worked with the lender to keep the loan on process and ensure that the terms of the deal remained constant during the complex change of ownership.
“While no loan placement is ever simple, getting lenders to focus on the Vegas market and showing them how well both the asset and the overall market performed during the pandemic was critical in getting them to stretch on the loan terms and proceeds,” said Dekel Managing Principal Shlomi Ronen. “It was a complex transaction with a lot of moving parts but we were able to put together a deal that works for everyone.”