Six-Building, 611k sf Vegas Office Portfolio Recapitalized in $116 Mil Financing Deal
Real estate merchant banking firm Dekel Capital arranged $116 million in long-term permanent financing to recapitalize a six-building, 611,248-square-foot office portfolio in Las Vegas, NV on behalf of Moonwater and its equity partners.
The portfolio is concentrated in the southwestern Las Vegas market and is 97% leased, with the majority to large national tenants with strong credit and balance sheets. The financing, provided by Citi Real Estate Funding Inc., and Barclays Capital Real Estate, Inc., is secured by:
- 6551 Las Vegas Boulevard South — a 31,105-square-foot mixed use building, 100% leased to Amazon;
- 6543 Las Vegas Boulevard South – a 102,276-square-foot office building 100% leased to WeWork;
- 1450 Center Crossing Road – a 52,975-square-foot office building 100% leased to Hilton Grand Vacations;
- 10190 Covington Cross Drive – a 755,548-square-foot office building 100% leased to Coin Cloud;
- 9901-9921 Covington Cross Drive – a 57,124-square-foot multi-tenant building anchored by Adtalem Global Education & Chamberlain University College of Nursing; and
- 6226 West Sahara Avenue, a 292,180-square-foot headquarters building 100% leased by NV Energy, a holding of Berkshire Hathaway Energy.
Proceeds from the 10-year year CMBS loan were used to retire the existing debt on the individual assets and buyout the existing investors.