FINANCE: US private equity giant Starwood Capital’s European lending business has completed four deals, including a £101.8m development loan for the Baltimore Wharf residential scheme, E14.
Starwood European Finance has agreed the loan for the 366-flat development comprising a 46-storey tower and an 18-storey tower to development partners Galliard Homes, Frogmore, CJ O’Shea Group and LBS Properties.
Starwood Property Trust will provide £86.75m of the loan and private funds managed by Starwood Capital Group will provide £15m.
A minority lender to the deal was Urban Exposure, which launched its own £500m initial public offering earlier this month. It also served as a key transaction adviser.
The partners bought the site from Ballymore in November 2012 for £30m and the development – from which flats have largely been presold – will complete in summer 2016.
Also in the UK, Starwood has also provided a £27m loan for the refinancing of Wainbridge and Morgan Stanley Real Estate Finance’s First Central 200.
The 164,000 sq ft office building in Park Royal is currently 45% let to engineering company Bechtel.
On the continent, it has provided a €99m loan for the refinancing and refurbishment of a new W Hotel in Amsterdam.
The hotel is owned by Liran Wizman, a major shareholder in Grand City Hotels, and will complete in the third quarter of 2015. Buchler Barnett Spencer acted as adviser to Liran Wizman.
Finally, the firm has increased a loan to a joint venture between M7 Real Estate and Bayside Capital from €36.1m to €71.4m that is held against a portfolio of 28 light industrial assets in the Netherlands.
bridget.o’connell@estatesgazette.com
