Deutsche Bank, Longbow and Wainbridge have refinanced the matured £130m of debt on 120 Holborn in London’s Midtown.
The £118m debt package includes a £78m senior loan from Deutsche and a total of £40m of mezzanine finance from investment managers Wainbridge and Longbow. The Indian consortium which owns the building is also injecting around £20m of fresh equity into the deal.
The refinancing will repay investors in the Titan Europe 2007-3 CMBS loan, which was provided when the building was valued at £190m in 2007.
Wainbridge is now expected to draw up an asset-management plan for the 340,000 sq ft property, which is let to BT on a 100,000 sq ft lease that expires in March 2014.
Wainbridge is advised by Michael Elliott, whose property management arm, MERJS, manages 120 Holborn.
All parties declined to comment.
bridget.o’connell@estatesgazette.com
