Loan-to-value is the percentage that shows how large a loan is compared with the appraised value of the asset backing it, for example a house or other property. Investors care because a higher percentage means more of the asset’s value is borrowed — like buying a car with almost no down payment — which increases the chance of loss for lenders and can lead to higher interest rates, stricter terms, or greater risk for holders of related securities.
accordion facilityfinancial
An accordion facility is a pre-agreed option in a loan or credit line that lets a borrower increase the total amount available without negotiating a new deal, like stretching an accordion to create more space. Investors care because it provides a company quick access to extra funding when needed, which can support growth or weather trouble but also affects future debt levels, credit risk, and potential dilution for shareholders.
net internal areatechnical
Net internal area is the usable floor space inside a building that can be occupied or leased, measured to the inside faces of the external walls and excluding common corridors, stairwells, lifts, plant rooms and structural walls. For investors it matters because rents, tenant capacity and property value are typically based on this rentable, income‑producing space — think of it as the ‘usable square footage’ you can actually put furniture or desks into, not the whole shell of the building.
energy ratingstechnical
Energy ratings measure how much energy a building, product, or operation uses compared with a standard, often shown as a letter or score much like a car’s miles-per-gallon label. Investors care because higher (better) ratings usually mean lower future energy costs, fewer regulatory or retrofit surprises, and stronger demand or resale value—factors that affect cash flow, risk, and the price someone will pay for an asset or company.
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BETHESDA, Md.--(BUSINESS WIRE)--
Walker & Dunlop, Inc. Capital Markets EMEA announced today that it arranged a $191 million (€168.14 million) refinancing for Project Dutch Lion, a diversified portfolio of 19 office assets located across eight municipalities throughout the Netherlands.
Led by Claudio Sgobba and Patrick Smith, the financing was arranged on behalf of Time Equities (TEI), a privately held global real estate investment, development, and asset management company headed by Francis Greenburger. The debt capital was secured from U.K.-based insurer Aviva Investors, the global asset management business of Aviva plc. The transaction, which closed at 55% loan-to-value, consists of $134.5 million (€118 million) refinancing and a $57 million (€50 million) accordion facility for future acquisitions and portfolio growth.
“Successfully arranging long-term financing for a large-scale Dutch office portfolio in today’s market requires a lender that understands both the strength of the underlying real estate and the sponsor’s long-term business plan,” said Claudio Sgobba, senior managing director and co-head of Capital Markets EMEA at Walker & Dunlop. “Project Dutch Lion represents a highly diversified portfolio with strong occupancy, substantial government-backed income, and excellent sustainability credentials. Aviva Investors recognized the quality of the assets and TEI’s proven track record as an owner and operator, resulting in a financing solution that supports both the existing portfolio and future growth initiatives.”
Project Dutch Lion comprises approximately 1.5 million square feet of net internal area across 19 office assets strategically located throughout the Netherlands, including Amsterdam, The Hague, Utrecht, Rotterdam, Arnhem, Apeldoorn, and other established regional office markets. The portfolio benefits from significant geographic and tenant diversification, with occupancy of approximately 90% and more than 65 tenants spanning government, professional services, healthcare, technology, logistics, and other sectors.
“This financing demonstrates Time Equities’ continued growth and long-term investment strategy in Europe. We are most excited about Aviva’s interest in lending against our growing portfolio in Europe,” said Aaron Medeiros, director at TEI. “We expect to be very active in the coming year with a focus specifically in the Netherlands, Belgium, and the UK. Claudio Sgobba and Patrick Smith not only met our financing objectives but exceeded in both terms and quality of lender with a new institutional lending relationship with Aviva.”
The refinancing was completed to replace existing debt and provide TEI with additional flexibility to execute its long-term asset management strategy. Walker & Dunlop conducted a broad financing process involving both banks and insurance companies active in the Dutch office sector. Following competitive lender engagement, Aviva was selected based on its ability to provide the most attractive combination of leverage, pricing, structural flexibility, and certainty of execution.
“As we continue to grow our activity in Europe, we are focusing on engaging with high-quality sponsors which can combine a longer-term investment horizon with a strong focus on energy efficiency and sustainability, making assets relevant further into the future. We think Time Equities is an excellent example of this and we are delighted to be working with it on this refinancing,” said Gregor Bamert, head of Real Estate Debt at Aviva Investors.
Sustainability has been a key component of the portfolio’s value creation strategy. All assets hold Dutch energy ratings of A or higher, with more than half achieving A+ or better. These credentials far exceed the Netherlands’ minimum office energy requirements and position the portfolio well as occupiers continue to demand energy-efficient workplaces. The sponsor has invested in building upgrades, amenity enhancements, and operational improvements designed to support tenant retention, leasing velocity, and long-term asset relevance.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
