London Mixed-Use Tower Lands $121M Loan
- Sep 11, 2019
LaSalle Investment Management has provided a senior loan facility for Manhattan Loft Gardens, a mixed-use tower in the Stratford neighborhood of London. According to Daniel Pottorff, managing director of debt and special situations, LaSalle secured $121.4 million through its Real Estate Debt Strategies III fund for the hotel and residential property at 20-22 International Way.
Designed by SOM, the 42-story tower that overlooks Queen Elizabeth Olympic Park features a unique architectural design that incorporates two cantilevers. Sectioned into two uses, the 146-key Stratford hotel is between the building’s first and seventh floors, while the 248-unit residential component—which includes studios, one-, two- and three-bedroom units—can be found between the eighth and 41st floors. Residents also get access to the hotel’s amenities, such as the three sky gardens, concierge service, event rooms, a gym and a dry spa, as well as the building’s three restaurants.
In line with LaSalle’s strategy
Amy Klein Aznar, LaSalle’s head of debt investments and special situations, said Manhattan Loft Gardens fits their model of financing projects in urban growth areas near transportation nodes. She added this loan was the 15th deal completed by the company’s fund since 2017. LaSalle also financed the nearly-complete City North development, a 335-unit luxury project being built near the Finsbury Park tube station. The residential tower will include one- to four-bedroom apartments, with 24-hour concierge service, rooftop lounge and Wi-Fi.
This year, LaSalle joined the U.S. real estate debt sector. The global real estate investment manager acquired a majority stake in Latitude Management Real Estate Investors, naming the new debt platform LaSalle Mortgage Real Estate Investors. The $1.2 billion deal closed in January.