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LAS VEGAS-Molasky Group has paid off the $96-million construction loan for its new 280,000-sf "green" office building here with 10-year permanent financing package totaling $104 million. The loan structure included three notes and a mezzanine overlay, according to Newmark Realty Capital Inc., which sourced the financing.
Visible from Interstate 15 and US Highway 95, Molasky Corporate Center is a 17-story class A office building located adjacent to the recently completed IRS Regional headquarters in Downtown Las Vegas. The US Green Building Council certified the $107-million development as LEED Gold, its second-highest level of recognition.
The anchor tenant is the Southern Nevada Water Authority, which is responsible for managing the region's water resources and ensuring adequate water supplies for the Las Vegas Valley. Other tenants include other government agencies, the local outposts of national law firms and 24 Hour Fitness.
Newmark, which also assisted with the construction loan for the project arranged the permanent financing through its servicing correspondent, JP Morgan Real Estate. The construction financing came through Wells Fargo Bank. Both assignments were headed up by Newmark's George Mitsanas. His team included Christopher Funai and Peter Hillakas.
"The subject property is Nevada's premier office building anchored by one of the most important agencies in the western United States," Mitsanas says. "[Molasky])…also spent the extra funds needed to achieve LEED status, which will hopefully set an example for others in our industry to follow."
The building was built with a high percentage of recycled materials, incorporates lots of natural light and pumps air conditioning and heating up from beneath a raised floor rather than down from the ceiling. Other green features include toilets, showerheads and faucets that meet or exceed water conservation standards, and the use of water captured on the roof for landscape irrigation.
The cost of the green features necessary to achieve the Gold certification reportedly added about $7 million to the cost of the project versus a non-LEED certified building. The building was designed by Howard F. Thompson Architects. Marnell Corrao was the general contractor. Korte Co. is handling tenant improvements.
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