Pricoa Mortgage Capital has closed a £181.5 million refinancing deal for the City of London office tower 99 Bishopsgate.
The ten-year fixed rate loan is secured by the 340,000 sq ft, 26-storey building, and was completed over the summer. 99 Bishopsgate is 100 per cent let to a range of occupiers from the legal, financial services and professional services sectors.
Commenting on the refinancing loan Aaron Knight, Director of European Originations at Pricoa Mortgage Capital, said: “99 Bishopsgate is a recognisable feature of London’s skyline and one of the City’s most iconic buildings, popular with both local and international occupiers.
“Being a long term holder of our own debt, Pricoa Mortgage Capital was able to offer a structure that matched the client’s asset management requirements whilst locking in long term interest rates.”
The deal follows the recent £155 million refinancing loan to Access Self Storage, along with a further £270 million for Watermark Place and £130 million for GCP Student Living, which were also completed by Pricoa recently. Together they reflect increasing borrower appetite for long-term fixed-rate debt.
Bryan McDonnell, Head of European Originations, said: “As an organisation, we continue to expand our global presence by supporting both domestic and international clients.”
Pricoa Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. and is one of the largest commercial mortgage lenders in the United States.
