ING has finalized the refinancing of Notting Hill Gate Estate in London, on behalf of the main UK asset manager Frogmore and its joint venture partner Morgan Stanley.
The refinancing loan amount was Â£ 177 million, maturing in 2023. ING acted as MLA, principal lender and agent. Windmill S.Ã.RL, advised by Global Holdings, acted as junior lender.
Notting Hill Gate Estate is a freehold mixed-use estate comprising approximately 197,000 square feet of buildings on 3.11 acres located in Notting Hill Gate, a cosmopolitan and highly desirable area of ââWest London.
The real estate forms a four-block portfolio with commercial housing making up more than half of the entire Notting Hill Gate commercial frontage, along with redeveloped offices and a new 274-bed hotel that is currently under construction.
Notting Hill Gate is connected via the London Underground network with high traffic due to its attractiveness as a residential area and its popularity with tourists.
Sam Ellis, Director of Real Estate Finance, ING, noted:
âWe are delighted to have finalized the refinancing of this high quality asset in partnership with Global Holdings. ”
âThis transaction demonstrates the liquidity of the capital markets, the value of our long-standing client relationships and our expertise in completing complex transactions under unprecedented market conditions. “
Andy Rogers, COO and Group Treasurer, Frogmore, said:
âThe completion of this refinancing with ING and Global Holdings during the unprecedented disruption of the Covid 19 pandemic clearly demonstrates the compelling nature of real estate, the solid business plan and the strength of the long-term relationship that we talk to lenders. ”
âWe look forward to delivering the next phase of this exciting redevelopment of the estate and continuing to improve the area for occupants, the local community and visitors to Notting Hill Gate. “
The loan consortium was advised by Stephenson Harwood, Windmill S.A.RL was advised by Mishcon de Reya and CMS acted for the borrower.