- 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.
DEAL DATA ROOM
Here you can find the data room submitted by the sponsor for your due diligence. It will also appear in your BrixFlow Data Room in your Dashboard. If you don't have access you can request access in the Request Introduction section.
SUBMIT A CHANGE TO THE CURRENT LISTING
Please fill the form below to submit a change in the current listing. Any changes submitted require the internal approval of the investment team. Alternatively you can submit your request by email to firstname.lastname@example.org quoting the deal number.
REASON FOR THE CHANGE
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