Dealmaker: Dekel Capital Secures $35M in Debt, Equity for Las Vegas Office
Dekel Capital, Los Angeles, secured $35 million in debt and equity for Moonwater Capital’s acquisition of the NV Energy Pearson Building in Las Vegas.
NV Energy Pearson Building is a four-story, 262,000-square-foot Class A office building four miles west of downtown Las Vegas in the city’s five-million-square-foot West Center office submarket. Characterized by its triangular shape, the property is the corporate headquarters of NV Energy, which has been the building’s sole tenant since it delivered in 1983. The public utility, wholly owned by Berkshire Hathaway Energy, provides energy services throughout Nevada.
“We had strong interest from the investment community and brought in a private real estate investment trust managed by Realty Mogul for the majority of the equity,” said Dekel Capital Principal and Founder Shlomi Ronen. “All of the investors were immediately attracted to the opportunity given the low-cost basis and strong cash flow from a large credit tenant.”
In addition to raising the joint venture equity for the Las Vegas-based sponsor, Dekel also arranged $23.8 million in long-term, fixed-rate mortgage debt from a West Coast-based regional bank.
“The debt financing was competitively bid by a variety of lending sources and our client elected to go with the regional bank, which provided the greatest prepayment flexibility and the highest probability of closing on the terms provided,” Ronen added.
Moonwater Capital, Las Vegas, acquired the property as a core-plus asset to add to its real estate portfolio in the Las Vegas market, which totals nearly 700,000 square feet of commercial office space.