Goldman Sachs’ Whitehall is understood to have injected substantial new equity into a refinancing of its £101.3m Queens Moat Houses loan through one of its funds. Clydesdale Bank stepped in to provide senior debt at a loan- to-value ratio of around 30% of the portfolio’s £230m value.
The debt, which was originally provided by Goldman Sachs and repaid by the borrower at maturity last month, is secured against a portfolio of 14 UK hotels owned and managed by Whitehall.
It was securitised as part of the Fleet Street Finance I CMBS. Minesh Patel from Clydes-dale’s corporate and structured finance division said Clydesdale had been in talks with the company for over six months. Note holders agreed to extend the loan last February but refused a second time.