Time Equities refinances its Dutch portfolio with a loan of 105 million dollars
Time Equities entered into a $ 105 million loan to refinance its Dutch commercial portfolio of 36 properties.
JLL advised New York-based Time Equities on the refinancing of the 1.8 million s / f portfolio located in the Netherlands. The loan was arranged by MetLife Investment Management.
The 50% LTV interest facility has been provided for an interest term of only 5 years and offers a first-day debt yield of 11.77%.
Time Equities created the portfolio by acquiring and aggregating smaller portfolios, each acquired with little or no existing funding. The portfolio, which comprises 34 office assets, one industrial asset and one commercial asset in Amsterdam, Utrecht, Rotterdam, The Hague and Eindhoven, is 86% occupied in 159 locations.
Aaron Medeiros, Director of Acquisitions and Policy, Time Equities, said: “Time Equities remains very bullish on the Netherlands office and commercial market, and this is a country where we intend to focus on growth and diversification of our asset base.
Claudio V. Sgobba, Senior Director, Debt and Structured Finance, EMEA, JLL, said: “We are delighted to have helped Time Equities secure this financing solution. The Dutch economy has grown for 21 consecutive quarters, one of the longest periods of uninterrupted growth in Europe, and it outperforms the eurozone average on almost all economic indicators. These macroeconomic factors are directly fueling the Dutch office property market, which is why we are seeing prominent sponsors such as Time Equities entering the space with the support of international lending groups such as MetLife Investment Management. “
JLL’s debt placement team representing the borrower was led by Senior Director Claudio V. Sgobba, Director Karan Mahajan and Senior Analyst Hamish Gordon.
Founded in 1966, Time Equities, Inc. (TEI) has been active in real estate investing, asset and property development and management for over 50 years. TEI currently holds in its own portfolio approximately 35.8 million square feet of residential, industrial, office and retail buildings, including approximately 5,500 multi-family apartments, approximately 53,000 square feet of ongoing acquisitions and 1, 4 million square feet of various types of buildings in the pre-development and development phase.
With 325 properties in 33 states, 5 Canadian provinces, Anguilla, England, Germany, Italy, the Netherlands and Scotland, the TEI portfolio benefits from a diversity of property types, sizes and markets. There are concentrations in the Northeast, Southeast, Midwest, and West Coast of the United States, and new markets around the world are still being assessed.
(Visited 1 time, 17 visits today)