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DRC Capital has provided a £42 million development loan to private equity firm Evans Randall to fund the construction of an office scheme in London’s Midtown.
DRC Capital has hired Trevor Homes (pictured) from Islamic property bank Gatehouse to head its senior mortgage lending in the UK and Europe, Real Estate Capital has learned.
DRC Capital, the London-based debt fund manager, has agreed to provide finance to fund the £323.3 million purchase of Pinewood Group, which owns the iconic Pinewood Studios complex in Buckinghamshire.
DRC Capital has provided a £11.4 million loan to Essential Living, a London-based developer and operator of private rented sector residential property.
Morgan Stanley has syndicated about €150 million of mezzanine debt secured on Ireland’s Blanchardstown regional shopping mall near Dublin with two debt funds, Real Estate Capital can reveal.
Kennedy Wilson Europe’s former chief financial officer, Apwinder Foster, is moving to debt fund manager DRC Capital. Foster, who had been courted by a number of firms, will join DRC later this month in the new role of chief operating officer.
DRC Capital has clinched a €500m mandate to invest in European real estate senior debt, Real Estate Capital can reveal.
DRC Capital has completed two deals in the UK, for Draco Property and for a joint venture between Oaktree Capital Management and Patrizia Immobilien, Real Estate Capital can reveal. Lattanzio, Dale - CAP13 SThe real estate debt fund manager, run by managing partner Dale Lattanzio (pictured) and partners Rob Clayton and Cyrus Korat, is deploying capital from its high-yielding £487m European Real Estate Debt Fund II which reached a final close in May last year and issues whole and mezzanine loans.
More lenders are writing high LTV loans to sell on chunks later, reports Alex Catalano In Europe, whole loans have been gaining traction. “Whether it’s banks or debt funds like ours, there is a lot of activity in this space,” says Rob Harper, head of Europe at Blackstone Real Estate Debt Strategies. “Whole loans” is a term loosely applied to financings at higher-than-senior loan-to-value levels, organised by one lender, usually with the intention of selling part of it. They can take different forms, and the term can be a confusing one. Barclays, for example, provided £335m for Oaktree’s and Patrizia’s purchase of three UK business parks from MEPC, dubbed Project Aviemore. The bank kept the senior and the mezzanine was provided by Highbridge Capital Management. Jason Constable, head of specialist real estate at Barclays, says: “Our aim is to be the principle originator of the entire loan and distribute the risk as appropriate, as we did on Project Aviemore, but we will work with trusted counterparties to club the facility from day one, or to participate in a senior syndication run by a junior lender.” Investment banks have previously been the main whole loan providers; they were commonly used for CMBS before the crisis. More recently they have used them for big financings, syndicating or selling most of both tranches.
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