InterBay has completed a commercial refinance totalling £54.5m in two locations in central London.
The two office locations, Great Suffolk Yard and The Risborough, cover over 80,000 square footage between them.
The client was looking to address a post-Covid demand for considered, appealing spaces focused on amenity & wellbeing, adapting their business model to cater to these changing needs.
Mo Parmar, specialist finance account manager at InterBay, took the initial enquiry on 8 July, and the case took 14 weeks to complete, providing a 10-year interest-only financial solution.
These buildings have high ESG credentials including BREEAM ‘Excellent’ certified and EPC ratings of ‘A’;This means the properties are not only energy efficient but they also have a holistic sustainability approach.
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Interbay explains that IBREEAM accredited buildings can achieve a rental premium of around 9% on average, with publicly listed tenants more likely to disclose their corporate social responsibility (CSR) policies and therefore more likely to occupy a sustainable-labelled space.
InterBay’s in-house sales, underwriting and completions as well as the external legal team at Paris Smith, meant that the deal was actively managed with any potential challenges identified and resolved swifty.
“It shows once again InterBay’s expert approach to this type of commercial case”
Adrian Moloney, group intermediary director at OSB Group, said: “This achievement showcases InterBay’s prowess in handling substantial transactions and highlights our efficiency in turning around complex deals swiftly.
“With Mo’s collaborative approach including sales, underwriting, and real estate teams working seamlessly as one, it shows once again InterBay’s expert approach to this type of commercial case.”
Ashley Slade, managing partner, AWS Financial Services, added: “Our client’s business is built on high-quality long-term business relationships. The decision to proceed with InterBay as the funding partner was thoroughly considered to ensure alignment with our aspiration for the properties and core values.
“InterBay maintained a pro-active approach throughout to deliver a very efficient & well-executed transaction. The whole team at InterBay were thoroughly impressive and we look forward to working with them for future projects.”
