Lone Star seeking to refinance Irish assets
Lone Star, which last week bought the Jurys Inn hotel chain for €910m, is refinancing a series of properties from the Project Holly portfolio, which was bought from NAMA a year ago, and is seeking up to €400m in a five-year term senior or whole loan.
Eastdil Secured has been appointed to refinance several major assets within the portfolio as part of a wider portfolio including Dublin offices acquired from IBRC, AIB and the 75 St Stephen’s Green loan acquired from RBS back in December 2013.
Eastdil Secured is understood to be already in discussions with prospective investment banks and insurance lenders.
Major assets in Project Holly include:
- The 210,000 sq.ft Iveagh Court Complex, the five-block business and residential complex at the junction of Harcourt Road and Charlemont Street with current tenants including Mercer, Central Bank of Ireland, Hewitt, Office of Public Works, Skandia Global Funds as well as the Ireland embassy offices of Denmark and Estonia
- The Watermarque Building, Bridge Street & South Lotts Road, Dublin 4
- CityNorth, a 100-acre mixed-use commercial development, comprised of office blocks and a hotel, CityNorth Hotel, the four-star 128-bed hotel in Gormanston, Dublin.
- Marsh House, 25/28 Adelaide Road, Dublin 2, which is the Irish headquarters for March, the global insurance broking and risk management firm.
- 11-12 Hogan Place, Dublin 2, a four-storey office block close to Merrion Square and south Docklands.
