The overall loan-to-value ratio on the deal is close to 70% with a term of six years. LBBW provided a £160m senior tranche at a loan-to-value ratio of just below 50% and acted as lead arranger.
Tribeca, which is backed by Irish investor Aidan Brooks, bought the 60,521 sq ft block opposite Selfridges in 2013 for £127m. The deal refinances out Pramerica, which provided the initial acquisition finance for Tribeca’s purchase from David Pearl’s Structadene as well as capital expenditure costs and preferred equity.
At the time of purchase the block was let predominantly to souvenir shops but has since been refurbished and is now occupied by Dyson, Omega, Watches of Scotland, Ecco and Tesla. They pay zone A rents of more than £900 per sq ft, on 15-year leases. The value of the building has increased to £325m as a result.
Rothschild was appointed in March to explore a sale or refinancing.
Shawn Kaufman, director of debt Strategies at TH Real Estate, said: “This transaction showcases the flexibility of TIAA-CREF’s loan offering for high-quality assets.”
TH Real Estate has begun to gain traction in the lending market after a modest start when its predecessor Henderson began examining opportunities in 2013.
Earlier this month TIAA provided £124.6m of a £274.1m senior loan to Gaw Capital for its purchase of 123-125 Buckingham Palace Road, SW1.
It is also in the process of investing its £500m UK Enhanced Debt Fund, for which it held a £138m first close in April.
