LaSalle’s LREDS III fund provides loan for new high-rise Manhattan Loft Gardens tower
LONDON (September 09, 2019) — LaSalle Investment Management (“LaSalle”), the global real estate investment manager, is pleased to announce that it has provided a senior loan facility to the Manhattan Loft Corporation to finance Manhattan Loft Gardens, a high-rise tower in Stratford, from the LaSalle Real Estate Debt Strategies III (“LREDS III”) fund.
Situated between the Queen Elizabeth Olympic Park and Stratford International Station, Manhattan Loft Gardens is a fully glazed, 42-floor residential tower, incorporating both residential and hotel uses and comprising three sky gardens and a level of amenities surpassing any existing residential scheme in Stratford. The property’s unique double-cantilevered structure was designed by SOM, the world-renowned high-rise architects.
The hotel, which is operated under “The Stratford” brand, is located between the ground and seventh floors and comprises of 146 rooms. The residential scheme provides 248 high-specification residential units, predominantly one- and two-bedroom flats, situated between the eighth and forty-first floors. All residents will benefit from the hotel facilities and services, including a fully equipped gym and dry spa.
Daniel Pottorff, Managing Director of Debt Investments and Special Situations at LaSalle, said: “We’re delighted to have provided a financing solution to Manhattan Loft Corporation for one of London’s most innovative and unique new-build residential towers, extending our track record of lending against quality assets with best-in-class sponsors.”
Amy Klein Aznar, Head of Debt Investments and Special Situations at LaSalle, added: “We have been large and consistent financiers in UK residential and our Manhattan Loft Gardens financing is in line with our residential debt investment strategy focused on urban growth areas near transportation nodes. Previously we have lent on projects such as the nearly-completed City North Development on Finsbury Park tube station, by Telford Homes and Business Design Group, and we have financed over £650million over the past several years in UK residential across our LREDs and LRF series. This loan represents the 15th deal completed by LREDS III since 2017 and, with transactions in documentation, will bring deployment to c.90 per cent of commitments.”
Through the LREDS III fund, LaSalle’s Debt Investments and Special Situations team invests across Western Europe lending against assets that offer compelling risk-adjusted returns across mezzanine and whole loan investment opportunities. The fund closed in late 2017 and attracted a diverse mix of investors from Europe, the Middle East, Asia and the United States.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $65 billion of assets in private and public real estate property and debt investments as of Q1 2020. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
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