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Funded
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Bridge Loan required for Office portfolio conversion in the Hague, Netherlands

The Hague
,
Netherlands
DEAL
001073
POSTED ON
July 22, 2020
INVESTMENT SUMMARY
IRR
TBC
Multiple
NA
LTV
65%
First Year CoC
Stabilised CoC
Status
Funded
Deal #
001073
Asset Class
Office
Strategy
Value Add
Capital Type
Mezzanine
Deal Size
10.2
m
Investment Size
6.7
m
Holding Period
3 Years
INVESTMENT HIGHLIGHTS
  • The Sponsor is looking for first charge loan for a maximum term of 36 months to finance the acquisition of 2 tenanted office buildings in the Netherlands. The developer sees great conversion potential as both assets have planing permit in place and is looking to finance the acquisition until the redevelopment takes place. One of the assets has already been acquired.
  • The first asset is an office building located in the sea side in Scheveningen in the Hague and was built in 1985. It has a GCA of 2,512 sqm and NCA of 2,015 sqm. The Sponsor acquired the property in July 2019 and they are currently working to transform it into a 60 - 80 keys hotel. Property is currently leased with an NOI of €300,000. Current value is €4.2m.
  • The second asset is located in Westeinde near the city centre of the Hague. It is an historical building built in 1754 with a GCA of 3,429 sqm and NCA of 2,606 sqm. The Sponsor will acquire the property in September 2020. Planning permit in place to transform to residential or hospitality. Property is currently leased with an NOI of €300,000. Current value is €6m.
  • The Sponsor is an experienced local developer having completed multiple redevelopments and transformations in the Netherlands, both for their own portfolio as well as for third parties. They can provide corporate guarantees.
  • The Sponsor is looking for a 65% LTV bridge loan, or equivalent €6.65m. The loan will be first charge against the property. The leases have been confirmed and will remain in place until the redevelopment works take place.

KEY DEAL POINTS
KEY FINANCIALS
ABOUT SPONSOR
Emerging Sponsor
A real estate company with experience in the proposed asset class and geographic market. Has less than 5 years of verifiable track-record and less than $100m in turnover annually.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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CONTENT RESTRICTED

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INVESTMENT SUMMARY
Strategy
Value Add
Asset Class
Office
LTV
65%
Deal Size
10.2
m
Closing
Sep 2020
Capital Type
Mezzanine
Investment Size
6.7
m
Net IRR
TBC
Multiple
NA
Holding Period
3 Years
INVESTMENT DETAILS
  • The Sponsor is looking for first charge loan for a maximum term of 36 months to finance the acquisition of 2 tenanted office buildings in the Netherlands. The developer sees great conversion potential as both assets have planing permit in place and is looking to finance the acquisition until the redevelopment takes place. One of the assets has already been acquired.
  • The first asset is an office building located in the sea side in Scheveningen in the Hague and was built in 1985. It has a GCA of 2,512 sqm and NCA of 2,015 sqm. The Sponsor acquired the property in July 2019 and they are currently working to transform it into a 60 - 80 keys hotel. Property is currently leased with an NOI of €300,000. Current value is €4.2m.
  • The second asset is located in Westeinde near the city centre of the Hague. It is an historical building built in 1754 with a GCA of 3,429 sqm and NCA of 2,606 sqm. The Sponsor will acquire the property in September 2020. Planning permit in place to transform to residential or hospitality. Property is currently leased with an NOI of €300,000. Current value is €6m.
  • The Sponsor is an experienced local developer having completed multiple redevelopments and transformations in the Netherlands, both for their own portfolio as well as for third parties. They can provide corporate guarantees.
  • The Sponsor is looking for a 65% LTV bridge loan, or equivalent €6.65m. The loan will be first charge against the property. The leases have been confirmed and will remain in place until the redevelopment works take place.

INVESTMENT HIGHLIGHTS
Funded
SUMMARY
Opportunity to participate in the acquisition and further development of a portfolio of 2 office buildings in the Netherlands. The Sponsor is an experienced developer and is looking for a bridge loan that will permit to acquire 2 properties with strong redevelopment potential. The financing will be first charge and limited to 65% LTV for a duration up to 36 months.
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