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Starwood European Real Estate Finance makes first investment

Tue, 01/01/2013 - 17:51

Starwood European Real Estate Finance Limited (SEREF) together with Starwood Property Trust (STWD) has acted as one of the three partners for the GBP147million mezzanine component of the GBP547m refinancing of the Maybourne Hotel Group.

The five-year refinancing is secured on three five-star luxury London hotels – Claridge’s, the Connaught and the Berkeley and consists of a GBP400m senior loan and GBP147m of mezzanine, of which SEREF has committed GBP19m and STWD GBP30m. SEREF’s investment has been undertaken on an attractive loan to value in the low fifties per cent and the company expects to make a double digit yield in line with its investment criteria as outlined in its prospectus.


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