Dekel Capital, a Los Angeles-based real estate merchant bank that specializes in sourcing and placing equity and debt for active middle market commercial real estate developers and investors, today announced it recently arranged financing on behalf of Moonwater Capital, founded by Ofir Hagay – for the acquisition of a 177,007 SF Class A office building located in the up and coming Northwest Las Vegas submarket.
A $28,500,000 first mortgage loan was funded by Prime Finance to acquire the property. The balance of the capitalization was funded through a joint-venture equity investment between Moonwater and an institutional private equity fund.
Dekel sourced the total debt and equity capital stack for this project. “This deal highlights Dekel’s ability to help our clients source the entire capital stack” said Shlomi Ronen. “Due to the nature of the lease expirations at the property, we offered Moonwater a number of debt and equity structures to address several possible outcomes as they were finalizing their business plan for the property.”
Built in 2008, 6605 Grand Montecito Parkway is 90% leased to two strong local and national tenants. The property provides an opportunity for the ownership group to create value through lease up of the remaining vacant space and developing standalone retail on the vacant parcel.