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Calmwater Capital Funds $23.25 Million Loan for Acquisition of Las Vegas Shopping Center

Rezul News/10650867
LOS ANGELES - Rezul -- Calmwater Capital has provided a Los Angeles-based private investor with $23.25 million in short-term first mortgage debt for its off-market acquisition of a fully occupied 126,678-square-foot shopping center in Northwest Las Vegas.

The senior acquisition loan is secured by Decatur 215 Plaza located at the southeast corner of N. Decatur Boulevard and W. Tropical Parkway. Built in 2013, the retail center is 100 percent leased to a stable mix of national and regional tenants including Petco, Hobby Lobby, ULTA Beauty, Sprouts Farmer's Market, Sleep Number and Blaze Pizza.   Approximately 90 percent of the tenancy has occupied the center since 2016. The property is shadowed anchored by a Target, Winco Grocery and Raising Cane's Restaurant.

Decatur 215 benefits from numerous demand drivers including a retail market that is tied closely to the local tourism industry.    According to the Las Vegas Convention and Visitors Authority, tourist volume has rebounded close to pre-pandemic levels with nearly 39 million visiting Las Vegas in 2022, up 20% from the previous year.   This can be reflected in Las Vegas' declining vacancy which has fallen 10% and asking rents which have increased by approximately 15% since 2021, according to CoStar.   In addition, the property is strategically located at one of the most highly trafficked intersections in the submarket and is surrounded by several national tenants including Costco, Best Buy, and Walgreens.

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"With many lenders tightening their standards, our ability to quickly commit and fund the loan within 30 days of application, allowed the borrower to seize on an opportunity to add another quality asset to its already sizeable Las Vegas retail portfolio," said Vice President Zachary Novatt who leads Calmwater's origination platform in the Southwest and Mountain Regions.

Other members of the Calmwater team included Managing Principal Larry Grantham and Senior Associate DaJuan Bennett.

About Calmwater Capital

Calmwater Capital is a commercial real estate debt lender specializing in senior secured bridge and transitional loans.  With offices in both Los Angeles and New York city metros, Calmwater provides certainty of execution and individualized attention to our borrowers nationwide. Founded in 2010, Calmwater has grown to attract institutional investors both domestically and internationally. Calmwater Capital has originated nearly $4 billion in loans across 234 transactions since 2010. For more information on Calmwater Capital, visit www.calmwatercapital.com.

Bruce Beck
DB&R Marketing Communications, Inc.

Source: Calmwater Capital
Filed Under: Real Estate

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