Funds managed by Strategic Value Partners, a global investment firm, have secured financing for two luxury residential developments in Spain; Intempo Residential and Paraiso Pueblo.
Both developments were equity funded to completion and apartment units are currently being marketed for sale.
The debt financing of an undisclosed amount was provided by AllianceBernstein to refinance acquisition and development costs.
Intempo Residential, located in Benidorm (Alicante), is the tallest residential development in Europe comprising of 256 luxury apartments over 45 floors. Paraiso Pueblo, located in Marbella (Málaga), is a luxury residential complex development of 206 apartments.
CBRE’s Debt and Structured Finance advised the borrower.
Matthew Featherstone, executive director, Debt & Structured Finance, CBRE UK, said: ‘We are delighted to have secured these financings on behalf of SVPGlobal. Through our market intelligence and extensive lender network, CBRE were able to obtain attractive financing terms for SVPGlobal. There remains strong lender liquidity to finance prime assets with market leading Sponsorship.’
Iñigo Laspiur Oteiza, senior director, Debt & Structured Finance, CBRE Spain, said: ‘This is another complex transaction where CBRE has reached its client’s expectations through a cross-border collaboration to obtain a debt recapitalization of the assets. It confirms the market appetite from international players to enter into the Spanish residential sector through debt or equity.’