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Deal Summary
Senior secured refinancing facility for One Crown Place, a 326,000 sq ft mixed-use development in the City of London. The loan refinances existing debt from HSBC (£165M) and funds capex for ESG upgrades (£20M). Security comprises first-ranking charges over the freehold interest and assignment of rental income. The property is 94% occupied generating £14.2M NOI, providing a debt yield of 7.7% and DSCR of 1.42x. Sponsor Brookfield brings a strong track record with £8.2B European CRE AUM and no prior defaults. Key tenants include WeWork (32% of NRI, 8yr remaining), Clifford Chance (28%, 12yr), and Soho House (15%, 6yr).
Auto-extracted from documents
Property Name
One Crown Place
Address
EC2A 4BX, City of London
Borrower
Brookfield Asset Management
Sponsor
Brookfield Property Partners
Property Type
Mixed-Use Office
Size
326,000 sq ft
Loan Amount
£185,000,000
Loan Type
Senior Secured
LTV
62%
Term
5 Years