News

Prime Finance has written an $83 million floating-rate loan to finance the acquisition and stabilization of a Las Vegas office portfolio.

The loan, with a two-year term and three single-year exten- sion options, is backed by 444,000 square feet at seven proper- ties that Moonwater Capital bought from two separate sellers. Las Vegas-based Moonwater tapped Dekel Capital of Los Angeles to arrange the financing, which also included $21 million of preferred equity provided by Colony Capital of Los Angeles.

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 444,194 SF across seven different buildings in the West and South Las Vegas submarkets. The combined portfolio provides one of the last large blocks of significant value add Class A office space within Las Vegas and positions Moonwater Capital as the market leader in the office market in Las Vegas.

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, has successfully placed $14 million in bridge financing on behalf of Mountain Capital Partners and Willis Development to enable sponsors to retire existing construction financing and enable continued stabilization of  Kingston Bay, an assisted living and memory care development located in Fresno, California, announced Dekel Managing Principal Shlomi Ronen. 

A joint venture between two California-based firms, Dekel Strategic Investors and Arrowroot Real Estate, has purchased Mueller Place, an 86-unit multifamily property in Austin. The new ownership will treat the investment as a value-add opportunity and renovate the unit interiors and property exteriors in an effort to bring rental rates in-line with the submarket. 

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On April 3, with little fanfare, the Fed’s Alternative Reference Rate Committee (ARRC) started publishing the Secured Overnight Financing Rate (SOFR) that is slated to replace LIBOR in the US. This is an important first step in the transition away from LIBOR that is scheduled to expire in 2021. It is estimated that the US financial markets have $200 trillion of debt with LIBOR exposure; of this,

In Multifamily Finance, Fannie and Freddie Are Still the Elephant in the Room. Shlomi Ronen emphasized that Congress and the FHFA ought to implement reforms with deliberation, changes that aren’t well explained clearly in advance could startle the market. 

Regardless of where the agencies go from here, a survey of multifamily lending players underscored how high the stakes would be for any major reorganization. Shlomi Ronen, the founder of a Los Angeles debt brokerage that often arranges agency financings,