BlackRock’s real estate debt business has provided a £20m (€22.7m) loan to an affiliate of Cerberus Capital Management.
BlackRock Real Estate Debt is refinancing 8 of the 15 buildings that comprise the Quorum Business Park, an office park in the north of Newcastle city centre in the UK.
The loan has an initial funding of £15m, with a further £5m available once certain capital improvement conditions have been satisfied.
BlackRock said the asset comprises almost 500,000sqft of office space constructed primarily between 2009 and 2012 and is managed by Broadoak Asset Management.
Four buildings are occupied, and the other four are in various stages of lease-up.
Eduard Mantz, the originator for BlackRock’s real estate debt business in Europe, said: “Cerberus has been a repeat borrower of the BlackRock Real Estate Debt team, both in the US and Europe.
“We are very pleased to have been able to support this renowned investor in their commitment to one of the premier business parks in the North of England.”
Robert Falls, a managing director of Cerberus European Servicing, said: “Since taking ownership of this property in 2012, we have steadily grown its occupancy and plan to continue to increase its use going forward.
“We have seen strong demand in the market, and with our recent investments in upgrades and sub-division modifications we will better accommodate tenants of all sizes and needs.”