Time Equities has closed on a $105 million loan to refinance its 36-property Dutch commercial portfolio.
JLL advised New York-based Time Equities on the refinancing of the 1.8 million s/f portfolio located across the Netherlands. The loan was arranged by MetLife Investment Management.
The 50% LTV interest only facility has been provided for a 5-year interest only term and provides a day one debt yield of 11.77%.
Time Equities created the portfolio through the acquisition and aggregation of smaller portfolios each acquired with little or no existing financing. The portfolio, which includes 34 office assets, one industrial and one retail asset across Amsterdam, Utrecht, Rotterdam, The Hague and Eindhoven, is 86 percent occupied across 159 tenancies.
Aaron Medeiros, Director of Acquistions and Policy, Time Equities, said: “Time Equities remains very optimistic about the Netherlands’ office and commercial market, and it’s a country where we intend to focus on growing and diversifying our asset base.”
Claudio V. Sgobba, Senior Director, Debt and Structured Finance, EMEA, JLL, said: “We’re pleased to have supported Time Equities on securing this financing solution. The Dutch economy has seen growth for 21 consecutive quarters, one of the longest uninterrupted periods of growth in Europe, and it outperforms the Eurozone average on almost every economic indicator. These macroeconomic factors feed directly into the Netherlands office real estate market, which is why we are seeing top tier sponsors such as Time Equities entering the space with support from international lending groups such as MetLife Investment Management.”
The JLL debt placement team representing the borrower was led by senior director Claudio V. Sgobba, director Karan Mahajan and senior analyst Hamish Gordon.
Founded in 1966, Time Equities, Inc. (TEI) has been in the real estate investment, development, and asset and property management business for more than 50 years. TEI currently holds in its own portfolio approximately 35.8 million square feet of residential, industrial, office and retail property including about 5,500 multi-family apartment units, approximately 53,000 square feet in pending acquisitions, and 1.4 million square feet of various property types in stages of pre-development and development.
With 325 properties across 33 states, 5 Canadian provinces, Anguilla, England, Germany, Italy, the Netherlands, and Scotland, the TEI portfolio benefits from a diversity of property types, sizes and markets. There are concentrations in the Northeast, Southeast, Midwest and West Coast of the U.S., and new markets around the world are always being evaluated.
