$26MM JV-Equity and Bridge Debt – Acquisition of Class-A Office Portfolio
“Full stack” capitalization request for acquisition and lease-up of a two-property, 122,000 SF Class-A Office portfolio located in southwest Las Vegas, NV.
- Distressed seller offered the opportunity to acquire at below-market purchase price
- One of the two properties was vacant, providing no cash flow
- Sponsor’s first acquisition via a newly created investment vehicle
- Sale via bankruptcy court did not provide for any extension options
Dekel Capital identified a JV-Equity partner that could move fast and provide surety of close, as well as, work with the bridge debt fund that provided competitive loan terms and pricing.