King Street and Cohort provide £171m refinance for London mixed-used asset
By Elliot TophamAlternative investment firm, King Street Capital Management (“King Street”) and Cohort Capital, have completed a £171m term facility to support the refinancing of a London prime residential led mixed-use asset in St James’s, London.
Section: Case Studies
The facility was for a Middle Eastern family that has owned the property, Arlington House in St James’s, since the 1970s.
The loan refinanced an existing debt held by Deutsche Bank that had reached maturity. A Middle Eastern bank provided a senior facility to the borrower as part of the overall capital restructure.
Arlington House is a 10-story freehold building with direct frontage onto Green Park. The property consists of 110 residential units with basement parking and a ground-floor restaurant.
Paul Brennan, partner and co-head of real estate at King Street Capital Management, commented: “We are pleased to support the ongoing success of a high-quality property such as Arlington House and provide the owners with a flexible financing solution to meet their needs.”
Robert Pritchard, chief investment officer at Cohort Capital (pictured above), added: “It is great to support one of our existing clients with their continued long-term ownership of Arlington House.
“The asset is one of the best-located freehold properties in London, however this still represented a complex financing to execute.
“The transaction demonstrates our increasing activity in the larger loan space and ability to partner with leading institutional parties such as King Street.”
Mutual Finance and Taylor Wessing advised the borrower, while Simpson Thacher & Bartlett LLP advised King Street and Cohort Capital.
Keywords: King Street Capital Management, Cohort Capital, £171m term facility, refinancing, London prime residential, mixed-use asset, Arlington House, St James’s, Middle Eastern family, Deutsche Bank, senior facility, capital restructure