JLL has advised Time Equities, a New York-based full-service real estate firm, on the €88 mln refinancing of a commercial office portfolio which comprises 36 assets equating to over 166,142 m2 across the Netherlands.
The loan was arranged by MetLife Investment Management.
Time Equities created the portfolio through the acquisition and aggregation of smaller portfolios each acquired with little or no existing financing.
The portfolio, which includes 34 office assets, one industrial and one retail asset across Amsterdam, Utrecht, Rotterdam, The Hague and Eindhoven, is 86% occupied across 159 tenancies, 10% under rented and has a weighted average unexpired lease term to expiry of 5.3 years.
The 50% LTV interest only facility has been provided for a 5-year interest only term and provides a day one debt yield of 11.77%.
Aaron Medeiros, director of acquistions and policy, Time Equities, said: 'JLL and MetLife Investment Management were a pleasure to work with on this refinancing.
'Time Equities remains very optimistic about the Netherlands’ office and commercial market, and it’s a country where we intend to focus on growing and diversifying our asset base.'
Claudio V. Sgobba, senior director, debt and structured finance, EMEA, JLL, said: 'We’re pleased to have supported Time Equities on securing this financing solution.
'The Dutch economy has seen growth for 21 consecutive quarters, one of the longest uninterrupted periods of growth in Europe, and it outperforms the Eurozone average on almost every economic indicator.
'These macroeconomic factors feed directly into the Netherlands office real estate market, which is why we are seeing top tier sponsors such as Time Equities entering the space with support from international lending groups such as MetLife Investment Management.'
The JLL debt placement team representing the borrower was led by senior director Claudio V. Sgobba, director Karan Mahajan and senior analyst Hamish Gordon.