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The refinancing of 32 Rue Blanche in Paris’ ninth arrondissement was secured by Toronto-based investor Oxford Properties following its renovation.
The financing issued by the Wiesbaden-headquartered lender will enable the owner to undertake extensive renovation work.
Collaboration between the US alternative lender and the Munich-area-headquartered bank signals innovation in European commercial real estate lending.
The bank’s build-to-rent target demonstrates lender appetite for the private rented sector.
There is increased lender interest for socially-minded projects, even if a sustainability-linked loan isn’t part of the agreement, says the firm’s COO.
The company says five-year lending rates saw a ‘material decrease’ as central banks’ easing cycle began during the third quarter.
Debt providers chasing a limited number of deals are reducing loan margins, according to the business school’s latest report.
Large volumes of hospitality transactions across Europe have positively affected lending activity.
The mood in the halls was upbeat but the ‘same challenges’ are weighing on recovery.
The loan, provided by four banks, will support the delivery of a major project in the UK capital.