Real Estate Finance

Our real estate finance team is part of a cross-departmental group of lawyers with wide-ranging experience of working with UK and overseas banks and specialist non-bank lenders, together with investors and developers.

Drawing on our understanding of the needs of both borrowers and lenders, we are able to suggest innovative lending structures and mechanisms, while always remaining mindful of the need for clear timeframes in such a fiercely competitive environment.

With the increasingly complex nature of many transactions, which often involve offshore elements, our clients benefit from the expertise of other specialist teams in real estate, such as real estate investment, investment funds and planning, as well as the firm’s broader expertise in tax, corporate and construction. However, regardless of the complexity, our focus is always on delivering commercial solutions as quickly and efficiently as possible.

Our experience in real estate finance includes transactions on single and multi-let investments, development and redevelopment opportunities and the corporate structured investment vehicles that are carrying out such projects. We have acted on deals in the healthcare, hotels and student accommodation sectors.

We also advise clients on the acquisition of loan portfolios – a market that has become active as a result of concerted efforts by lenders to reduce their exposures. Typically this involves extensive due diligence on the underlying loan portfolio and the validity of the associated security. We are also experienced in negotiating the acquisition and handling other contractual documentation on behalf of the buyer.

If you have any questions or queries please call Kim on +44 (0)20 3036 7213 or email kmcmurray@fladgate.com

“Fladgate LLP’s ‘very efficient, astute’ team has ‘the skills and knowledge to cover all areas of a transaction’, thanks to its ‘strength in depth’.”

Legal 500 2016
 
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Often sought to advise on finance transactions in the hotels, charities, healthcare and student accommodation sectors.  Provides a full service, acting on everything from offshore structures to development finance.  “You know you’re always going to get a good level of service with partner involvement.”  “They are efficient and pragmatic with a can-do mentality.”

Chambers UK

Advised 100 Clerkenwell Road on a £46 million senior facility, provided by ICG Longbow, for the development of a new hotel.  Acted for ICBC on a £23 million student accommodation development financing.  Kim McMurray is described by her clients as “very smart, robustly commercial and strong on delivery” She predominantly advises major funds, banks and borrowers on a broad range of structured loans and other finance transactions.

Chambers UK

Fladgate LLP’s ‘very efficient, astute’ team has ‘the skills and knowledge to cover all areas of a transaction’, thanks to its ‘strength in depth’. Richard Reuben leads the team alongside Kim McMurray, who gives ‘calm, thoughtful advice’. Gideon Dabby-Joory is also recommended.

Legal 500

Fladgate LLP, under the leadership of Kim McMurray, handled some sizeable refinancings of London properties, including the £200m refinancing of Aldgate Tower. It also advised a group of companies held by Camden Market Holding Corp on all aspects of a complex refinancing facility.

Legal 500

Advised Camden Market on a total of £230 million in refinancing provided by Nomura, which comprises of senior and mezzanine debt.  Represented the owners of Aldgate Tower in central London on funding arranged by Starwood European Finance.  Kim McMurray has substantial experience in the field, with recent instructions involving refinancing and acquisition finance. Sources say she “goes to the heart of the matter and is fiercely protective of her client, doing legal project management like no one else.”

Chambers UK

Cross-disciplinary practice which co-ordinates with various teams including corporate, construction and finance regulation. Experienced in several sectors, with much recent work concerning hotels. “They have the ability to get deals done and will take a very commercial approach to the legal side. They provide a very cost-effective service.”  New clients include Development Securities and Hodson Developments.

Chambers UK

Broad range of financial services experience across multiple industries, including hotels, tax and offshore structures, and the education sector. The level of service and support is first-class and their ability to effectively project manage often complex transactions is consistently impressive.

Kim McMurray is “responsive, deal-focused and commercial”; Gideon Dabby-Joory “always has the answers”; and Gary Smith is “a diligent, passionate lawyer”.

Legal 500

Regularly instructed by both borrower and lender clients on high-value and complex acquisitions and refinancings. Acted for the Fordgate Group on the acquisition of the EUR1 billion Project Vermeer loan from Morgan Stanley. Kim McMurray’s practice encompasses investment and development finance, restructurings and refinancings. She has notable experience across the hotels, education and retail sectors. Sources describe her as “commercial, energetic and approachable”.

Chambers UK

Focuses on financing transactions for clients across a range of industry sectors, including residential housing, student accommodation, healthcare and charities. Also has expertise in portfolio acquisitions and tax and offshore finance structures. “They are consistently proactive in their approach, providing solutions rather than problems to complex issues. They seem to have a natural ability to go straight to the heart of any issues, analyse the situation and provide very good advice.” “The speed of response and accessibility of the team is excellent.”

Chambers UK

  • Various financial institutions – investment and development loans on real estate for: Ahli United Bank; Bank of Ireland; Bank of Singapore; Barclays Wealth; Close Brothers; Clydesdale Bank PLC; EFG Bank Limited; Europe Arab Bank; HSBC Private Bank; ICG Longbow; J.P. Morgan International Bank; Kleinwort Benson (Channel Islands); Lloyds; Royal Bank of Canada; The Royal Bank of Scotland plc; Santander; Schroders (C.I.) Limited; Société Générale de Banque au Liban; United Mizrahi Bank; United Trust Bank; and Zurich Bank plc.
  • Aldgate Tower Developments – £200m financing of Aldgate Tower with funding provided by Starwood Capital.
  • Swiss bank – US$85m Shari’ah compliant financing of major residential and commercial properties in London.
  • Alpha Multi Property Trust PLC – financing aspects of a £65m senior and mezzanine refinancing of a portfolio of commercial properties
  • Group of companies held by Camden Market Holding Corp – £230m refinancing facility in connection with the Japanese investment bank, Nomura International. The transaction was particularly complicated as the security comprised the borrower’s underlying large property holdings. These included the major tourist attraction and famous Stables Market site in Camden together with a vast development site, parts of which are currently trading as another market, “Camden Lock Market”, on the banks of the Regent Canal.
  • Weston Homes Plc – rearrangement of their group financing, involving a reorganisation of their existing £105m facility plus a new £3.5m bilateral facility to enable the company to complete an important strategic acquisition.
  • Close Brothers – a number of £multimillion development finance loans.
  • Santander – various loans including to refinance a tax driven hotel financing and an office investment.
  • ICG Longbow – a variety of loans to UK and overseas borrowers secured on industrial, retail and residential investment properties and portfolios across the UK.
  • Europe Arab Bank plc – a number of transactions involving loans secured on residential investment properties and hotels (including financing the acquisition of a hotel by the purchase of shares held in an offshore vehicle).
  • Hodson Developments – acquisition and financing of a substantial part of a development site at Chilmington Green, Ashford. Chilmington Green will bring a vibrant mixed–use new community to the town of Ashford in Kent and will provide 5,750 new homes in three distinctive neighbourhoods as well as retail, community, social and recreational facilities.