TH Real Estate and Allianz have partnered to provide £100m in debt finance towards Partners Group’s development of 80 Fenchurch Street, EC3.
The flexible financing is a six-year bullet loan, divided into a three-year development and three-year term loan.
The financing has been structured as a £135m development loan with a £20m increase upon completion. Arranged by TH Real Estate, it has been underwritten by Allianz and TH Real Estate for £50m (32%) each.
The financing is the first loan in Allianz Real Estate’s enhanced debt programme, which involves the firm expanding its debt lending activity to provide stretched senior and junior financings with LTVs of up to 75%. It also includes development loans covering repositioning or refurbishment of assets as well as ground-up construction at an LTC range of 50-65%.
TH Real Estate provides a wide range of financing solutions, including investment, transitional and development loans, structured as senior, mezzanine and whole loans with flexible leverage and with maturities from 2-20 years.
80 Fenchurch Street will be a 14-storey office building comprising 250,272 sqft net internal area split into 238,593 sqft of grade A office accommodation and 11,679 sq ft of retail space designed by architects TP Bennett.
The project includes six landscaped roof terraces and floorplates ranging from 5,000 sq ft to 20,000 sq ft.
The scheme is designed to deliver BREEAM Excellent and Wired Score Platinum ratings.
YardNine is the development partner on the building.
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