ING Commercial Banking’s real estate finance division and Berlin-Hannoverische Hypothekenbank have completed a £120m loan to Archlane.
The pair agreed a senior secured-term loan facility secured by a first ranking mortgage over the investor’s 412,000 sq ft Sea Containers House, which is being redeveloped into a 360-bedroom hotel and 280,000 sq ft of offices, alongside shops and restaurants.
Archlane, advised by the Deerbrook Group, is planning to open the hotel in early 2014. It will be managed by Morgans Hotel Group.
Both banks acted as mandated lead arrangers on the deal, while ING is also acting as facility agent and account bank.
bridget.o’connell@estatesgazette.com
