Westbrooke Alternative Asset Management UK (“Westbrooke”) as deal arranger, in conjunction with its partners IM Capital and Leumi UK, provided a £21,500,000 senior facility secured on high-end student accommodation asset, that serves a Russell Group University. This allowed the borrower to refinance its existing senior facility in full despite the current market.
Given the current interest rate environment, we are seeing a number of situations where existing senior lenders require material equity contributions to complete refinances. Westbrooke, and its partners, are able to offer whole-loan solutions, like in this transaction, that allow borrowers to refinance their existing debt stack in full.
James Lightbody of Westbrooke added, “We have committed capital to provide lending of this nature and enjoyed working with the team at Leumi UK & IM Capital on this deal to deliver a facility to the borrower despite a tough debt market.”
Mark Heyes from IM Capital said, “We quickly understood the borrower’s requirements and were able to agree a deal structure at a competitive price that was acceptable to everyone. By providing a new facility, the owners now have options available to them as part of their wider asset management strategy and we hope to work with them on other investments in the near future”.
Guy Brocklehurst, Relationship Director at Leumi UK said, “Leumi UK was delighted to work in collaboration with Westbrooke and IM Capital to provide this creative, whole-loan debt structure which gives the borrower time to consider their long-term strategy for their portfolio of high-quality student accommodation assets.”
Westbrooke UK (FRN 792259) is an appointed representative of Capricorn Capital Partners UK Limited (FRN748414) which is authorised and regulated by the Financial Conduct Authority