Moonwater and Apex Acquire Montecito Tower in Vegas
Moonwater Capital and Apex Financial Advisors recently received $33.3 million in permanent debt as part of the acquisition and recapitalization of Montecito Tower, a 177,301-square-foot class-A office building at 6605 Grand Montecito Pkwy. in Las Vegas. The property was built in 2009, and Moonwater acquired the building in 2018 in a joint venture with an affiliate of a global private equity investment firm, which exits the investment. Moonwater will continue as operating partner in the new joint venture with Pennsylvania-based investment management firm Apex.
The 10-year CMBS financing provided by a multinational investment bank retires the existing debt on the building helping to facilitate the new partnership with Apex. Dekel Capital worked with the lender to keep the loan on process and ensure that the terms of the deal remained constant during the complex change of ownership.
“While no loan placement is ever simple, getting lenders to focus on the Vegas market and showing them how well both the asset and the overall market performed during the pandemic was critical in getting them to stretch on the loan terms and proceeds,” said Shlomi Ronen, Dekel managing principal. “It was a complex transaction with a lot of moving parts but we were able to put together a deal that works for everyone.”
This is the first major trade of a class-A office building in Las Vegas since the COVID-19 pandemic hit last year according to Ronen.
“While the Las Vegas office market was impacted by the pandemic, we’re starting to see larger out-of-state users identify Southern Nevada as a growth location for future expansions and relocations,” Ronen said. “This is driven by the relative affordability of high-quality office space, a talented local workforce and a favorable local business environment.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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