An 18-month term was agreed with the experienced, local client, who required the funds to refinance legacy debt owned by a US equity fund.
The refinance deal will give the borrower time to deliver multiple asset management initiatives across both the investment and landbank properties.
Repayment will come from a combination of asset sales and refinance.
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“We have a lot of confidence in our borrower’s ability to implement the asset management initiatives and look forward to following their progress as they work through the portfolio,” said Shane Donnelly, Northern Ireland director at Ortus (pictured above).
Mark O’Kane, director at O’Kane Commercial, who introduced the transaction to Ortus, added: “From the start, Shane and his team demonstrated a thorough knowledge of the Northern Irish market and an appreciation of the complexities of the transaction.”