Time Equities has closed a $ 105 million loan to refinance its commercial portfolio of 36 properties in the Netherlands.
JLL advised New York-based Time Equities on refinancing a 1.8 million s / f portfolio in the Netherlands. The loan was arranged by MetLife Investment Management.
The credit line with only 50% LTV is provided for a period of 5 years and provides a return on debt in one day in the amount of 11.77%.
Time Equities have built a portfolio by acquiring and consolidating small portfolios, each of which has been acquired with little or no funding. The portfolio, which includes 34 office sites, one industrial site and one retail site in Amsterdam, Utrecht, Rotterdam, The Hague and Eindhoven, accounts for 86 percent of 159 premises.
Aaron Medeiros, Director of Purchasing and Policy, Time Equities, said: “Time Equities remains very optimistic about the Dutch office and commercial market and this is the 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 are delighted to have supported Time Equities in providing this financing solution. The Dutch economy has grown for 21 consecutive quarters, one of the longest periods of continuous growth in Europe, and surpasses the eurozone average in almost all economic indicators. These macroeconomic factors directly affect the Dutch office market, which is why we see top tier sponsors like Time Equities entering the market with the support of international lending groups like MetLife Investment Management. “
JLL’s debt placement team, representing the borrower, was led by Senior Director Claudio V. Sgobba, Director Karan Mahajan and Senior Analyst Hamish Gordon.
Founded in 1966, Time Equities, Inc. (TEI) has been engaged in real estate investment, development and asset management and real estate for over 50 years. TEI currently owns approximately 35.8 million square feet of residential, industrial, office and retail properties in its own portfolio, including approximately 5,500 multi-family units, approximately 53,000 square feet in acquisition and 1.4 million square feet of various types of properties under construction. … preliminary design and development.
TEI’s portfolio of 325 properties in 33 states, 5 provinces in Canada, Anguilla, England, Germany, Italy, the Netherlands and Scotland benefits from a variety of property types, sizes and markets. Concentrations are concentrated in the Northeast, Southeast, Midwest, and West Coast of the United States, and new markets around the world are continually being evaluated.
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