Eurocastle closes refinancing of EUR 80 mln on three properties

Eurocastle Investment, a Guernsey-based affiliate of Fortress Investment Group, has closed the refinancing of approximately EUR 80mln on three properties previously financed through the EUR 330mln Mars floating facility.

The new facility has a five year maturity with a current loan-to-value of 65%. The loan has a spread of 1.02% over Euribor and is swapped to a fixed interest rate of 5.07%. Following the refinancing, the amount drawn on the Mars floating facility is now EUR244 million.

'With this refinancing, we continue to reduce and extend our short-term debt maturities. We are pleased with the terms of the financing, which demonstrate that the loan market is still active for established counterparties with good quality assets,' said Eurocastle chairman Wesley Edens.