The US Carlton Group has arranged a £35m loan for Frogmore, secured on land at Heyford Park in Oxfordshire.
Heyford Park is an investment made by Frogmore three years ago for its £200m Frogmore Real Estate Partners Fund 2.
It bought the 1,200-acre former US air force base in partnership with developer Dorchester, with £25m of debt from Investec.
The site includes existing commercial space and 315 homes. Frogmore and Dorches- ter have consent to build another 760 houses.
Carlton Group is targeting European deals. Last November it completed a large ‘discounted loan payoff’, where the borrower buys back its debt at a discount.
The deal raised capital to pay off a £250m loan from Bank of America Merrill Lynch, secured on the Four Seasons Hotel in Milan.
The borrower is thought to have paid €200m, with London money manager, The Children’s Fund providing the capital.