Time Equities refinances Dutch portfolio with $105M loan

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Time Equities has closed on a $105 million loan
to refinance its 36-property Dutch commercial portfolio.

JLL advised New York-based Time Equities on
the refinancing of the 1.8 million s/f portfolio located across the
Netherlands. The loan was arranged by MetLife Investment Management.

The 50% LTV interest only facility has been
provided for a 5-year interest only term and provides a day one debt yield of
11.77%.

Time Equities created the portfolio through
the acquisition and aggregation of smaller portfolios each acquired with little
or no existing financing. The portfolio, which includes 34 office assets, one
industrial and one retail asset across Amsterdam, Utrecht, Rotterdam, The Hague
and Eindhoven, is 86 percent occupied across 159 tenancies.

 Aaron
Medeiros, Director of Acquistions and Policy, Time Equities, said: “Time
Equities remains very optimistic about the Netherlands’ office and commercial
market, and it’s a country where we intend to focus on growing and diversifying
our asset base.”

 Claudio
V. Sgobba, Senior Director, Debt and Structured Finance, EMEA, JLL, said:
“We’re pleased to have supported Time Equities on securing this financing
solution. The Dutch economy has seen growth for 21 consecutive quarters, one of
the longest uninterrupted periods of growth in Europe, and it outperforms the
Eurozone average on almost every economic indicator. These macroeconomic
factors feed directly into the Netherlands office real estate market, which is
why we are seeing top tier sponsors such as Time Equities entering the space
with support from international lending groups such as MetLife Investment
Management.”

 The JLL
debt placement team representing the borrower was led by senior director
Claudio V. Sgobba, director Karan Mahajan and senior analyst Hamish Gordon.

Founded in 1966, Time Equities, Inc. (TEI) has
been in the real estate investment, development, and asset and property
management business for more than 50 years. TEI currently holds in its own
portfolio approximately 35.8 million square feet of residential, industrial,
office and retail property including about 5,500 multi-family apartment units,
approximately 53,000 square feet in pending acquisitions, and 1.4 million
square feet of various property types in stages of pre-development and
development.

With 325 properties across 33 states, 5
Canadian provinces, Anguilla, England, Germany, Italy, the Netherlands, and
Scotland, the TEI portfolio benefits from a diversity of property types, sizes
and markets. There are concentrations in the Northeast, Southeast, Midwest and
West Coast of the U.S., and new markets around the world are always being evaluated.

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