ING Commercial Banking, Real Estate Finance UK and Berlin-Hannoverische Hypothekenbank acted as Mandated Lead Arrangers on a £120-million (approx. 142.8-million) senior secured term loan facility to Archlane Ltd.
The facility is secured by a first ranking mortgage over Sea Containers House, a 412,000-ft² (approx. 38,200-m²) landmark Central London building on the Southbank of the River Thames.
Sea Containers House will be redeveloped into a mixed-use building providing retail and restaurant space, ca. 280,000 ft² of new and refurbished prime office space and a 360-bedroom 'Mondrian London at Sea Containers' hotel under a 25-year management agreement with Morgans Hotel Group Co. (NASDAQ: MHGC). The hotel is scheduled to open in early 2014.
ING is also acting as facility agent and account bank.
Archlane Ltd. was advised by The Deerbrook Group, a private London-based real estate asset management company.
Stephenson Harwood acted as legal adviser to the lenders and Rosenblatt acted for the borrower.
Source: ING Real Estate