- The sponsor is looking for a development loan to finance the construction of a hotel near Zurich airport. There is potential that the loan will be extended post construction during the stabilisation period.
- The site is located next to train station in Bulach, which is 10 minutes by car to Zurich airport and 15 minutes by train. Zurich Airport enjoyed 31.5 million passengers in 2019 and directly connected to 205 destinations in 69 countries. Over 12,000 sleepovers per day are generated by the airport. The airport has 27,000 staff and 288 different companies.
- The hotel will be operated by a renowned European brand in an hybrid lease that includes a fixed and a variable component with corporate guarantees. The hotel will feature 132 keys in the 3 star segment.
- Total projected costs including land acquisition are estimated at CHF 22.5m and the requested loan is for CHF 16.5m (73% LTV)
- The sponsor will contribute the remaining capital in the form of equity. The loan will be secured first tranche against the property and will be drawn as construction is delivered. It is envisaged a total of CHF 2m upon signing, CHF 6m in the first year and CHF 8.5m in the second year.
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.
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