Dekel Capital Secures $35 Million in Debt & Equity for Acquisition of Las Vegas Office Building

LOS ANGELES - July 27, 2020 - PRLog -- Real estate merchant banking firm Dekel Capital has secured $35 million in debt and equity on behalf of real estate investment firm Moonwater Capital for its acquisition of the NV Energy Pearson Building, a 262,000-square-foot corporate headquarters building in Las Vegas, NV.

NV Energy Pearson Building is a four-story, Class A office building located at 6226 W. Sahara Avenue four miles west of downtown Las Vegas in the city's five-million-square-foot West Center office submarket.   Characterized by its distinctive triangular shape, the property is the corporate headquarters of NV Energy, which has been the sole tenant of the building since it was constructed in 1983.  The public utility, wholly owned by Berkshire Hathaway Energy, provides a wide range of energy services throughout the State of Nevada.

"We had strong interest from the investment community and brought in a private REIT 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 $23.845 million in long-term, fixed rate, first 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 acquired the property as a core-plus asset to add to their growing office real estate portfolio in the Las Vegas market, which totals approximately 700,000 square feet of commercial office space.

About Dekel Capital
Dekel Capital is a Los Angeles-based real estate merchant bank with proven expertise in capital market advisory and private equity in commercial real estate. The firm serves an elite group of commercial real estate operators, investors and developers with an exclusive, boutique approach, allowing them to create tailored solutions that address unique capital challenges. For more information, please visit http://www.dekelcapital.com.