Orange Capital Partners (OCP), a Dutch real estate investment and asset management company based in Amsterdam, has refinanced the acquisition debt secured against multiple residential portfolios in the Netherlands to the tune of €78.5 mln.
ABN Amro Bank, which financed the original acquisition of the portfolios, acted as arranger and placement agent on the transaction, teaming up with PGIM Real Estate Finance to execute the seven-year senior term loan facility.
'We are excited to have closed this refinancing transaction together with ABN Amro and PGIM at more attractive terms for our investors than the original acquisition financing,' said Hedde Reitsma, partner at Orange Capital Partners.
'The ABN Amro team has assisted us in a tremendous manner during the origination of the original debt, throughout the refinancing process and as a current lender to our investment funds.'
The portfolio is geographically distributed throughout the western urban conglommeration of the Netherlands with a focus on Amsterdam, Amstelveen and The Hague, comprises approximately 700 units and represents a total net market value of more than €135 mln.
PGIM Real Estate Finance took a majority fixed rate participation in the facility, while ABN Amro , underlining its commitment, remained active in the transaction as agent, and took a minority floating rate participation.
OCP’s legal advisors to the transaction were Clifford Chance, while Allen & Overy provided legal advice to the lenders.