Walker & Dunlop Arranges $191 Million Refinance for Office Portfolio Throughout Netherlands
Walker & Dunlop, Inc. Capital Markets EMEA announced today that it arranged a $191 million (€168.14 million) refinancing for Project Dutch Lion, a diversified portfolio of 19 office assets located across eight municipalities throughout the Netherlands.
Led by Claudio Sgobba and Patrick Smith, the financing was arranged on behalf of Time Equities (TEI), a privately held global real estate investment, development, and asset management company headed by Francis Greenburger. The debt capital was secured from U.K.-based insurer Aviva Investors, the global asset management business of Aviva plc. The transaction, which closed at 55% loan-to-value, consists of $134.5 million (€118 million) refinancing and a $57 million (€50 million) accordion facility for future acquisitions and portfolio growth.
“Successfully arranging long-term financing for a large-scale Dutch office portfolio in today’s market requires a lender that understands both the strength of the underlying real estate and the sponsor’s long-term business plan,” said Claudio Sgobba, senior managing director and co-head of Capital Markets EMEA at Walker & Dunlop. “Project Dutch Lion represents a highly diversified portfolio with strong occupancy, substantial government-backed income, and excellent sustainability credentials. Aviva Investors recognized the quality of the assets and TEI’s proven track record as an owner and operator, resulting in a financing solution that supports both the existing portfolio and future growth initiatives.”
