Invesco Secures $72.8M Loan Through ING
- Jul 22, 2011
July 22, 2011
By Nicholas Ziegler, News Editor
With markets beginning to open — despite the possibility of a debt-ceiling default on the federal level — the loan money is once again flowing. On Thursday, ING Real Estate Finance announced the closing of a $72.8 million term loan with Invesco Real Estate, which included the option to allow Invesco to grow the loan facility through addition of assets. The full amount will be secured through Invesco’s assets around the country, including a 20,000-square-foot retail condo located at 512 Broadway in Manhattan currently leased in its entirety to fashion retailer AllSaints.
“We are very pleased to forge this new relationship with Invesco to execute this loan secured by stable, cash-flowing assets,” said Michael E. Shields, Managing Director for ING Real Estate. “This transaction involved regular communication and collaboration between ING Real Estate Finance entities here in the U.S. and in Europe, which reflects the value ING’s global platform provides in serving the needs of its clients.”
The loan transaction is sponsored by an Invesco-managed fund domiciled in Luxembourg. In addition to New York property, the loan is secured by a 202,140-square-foot industrial property located at 2400 and 2402 Esters Boulevard in Dallas. It is also secured by Catania Apartments, which is a luxury apartment building located at 13585 Via Varra Road in Denver.