UK: Various funding agency King Road Capital Administration UK and different lender Cohort Capital, together with funds managed by Apollo, have accomplished a £348 million senior mortgage to refinance The Park Tower Lodge in Knightsbridge, London.
The mortgage refinances debt initially supplied by Cale Road Companions.
The 16-storey Park Tower Lodge options 271 keys, a on line casino and a restaurant. It’s situated reverse the Mandarin Oriental Hyde Park, near Sloane Road and Harrods.
Paul Brennan, companion and co-head of Actual Property at King Road Capital Administration, mentioned: “Park Tower is a landmark Knightsbridge lodge. This transaction performs to our structuring experience and deal with high-quality hospitality and residential alternatives, delivered with disciplined execution. We’re happy to companion with Apollo and Park Tower possession, additional underscoring our collaborative method to working with skilled sponsors and lenders on high-quality, complicated property.”
Ben Eppley, companion and head of actual property credit score, Europe, at Apollo, added: “We’re happy to function senior lenders on this transaction, supporting Park Tower’s high-quality house owners alongside the skilled group at King Road as they embark on the repositioning of this landmark asset.”
Robert Pritchard, chief funding officer at Cohort Capital, mentioned: “Incredible to work with King Road and Apollo on the refinance of the Park Tower Lodge, an asset that represents a mixture of scale, location and repositioning potential in London’s prime hospitality market.”
Taylor Wessing and Mutual Finance suggested the borrower, whereas Simpson Thacher & Bartlett LLP and Mishcon De Reya LLP, and Linklaters suggested King Road and Apollo.
Highlights:
• £348 million refinancing has been accomplished for The Park Tower Lodge, Knightsbridge.
• The transaction was led by King Road Capital Administration, Cohort Capital, and Apollo.
• It refinances prior debt from Cale Road Companions.
• The 271-key, 16-storey lodge features a on line casino and restaurant.
