Enness Global recently assisted a European client with a complex refinancing and renovation requirement for a high-value commercial real estate asset in New York. The property, held through a Delaware LLC, comprises three residential units and a retail space on the ground floor, with an estimated market value of approximately $50 million.
The client approached Enness seeking a solution to refinance an existing facility and release additional capital to fund planned improvements to the property. Specifically, the client was looking to secure a loan of approximately $24 million. Of this, around $16 million was earmarked to refinance the debt with the previous lender, while the remaining $8 million was intended to be used for an extensive refurbishment and modernisation programme to enhance the asset’s rental yield and long-term value.
Given the cross-border nature of the transaction, coupled with the US property being owned via an offshore corporate structure, the financing presented certain complexities. Enness’ experienced team of brokers worked closely with the client and a carefully selected lender with specialist knowledge in US real estate and international borrowers.
We successfully negotiated a short-term facility with highly competitive terms over a two-year interest-only period. The facility included no prepayment penalties, allowing for greater flexibility should the client choose to refinance or sell the asset before maturity. The arrangement was secured on a fast-track basis, with the transaction completed within approximately one month from engagement.
This case highlights Enness’ ability to deliver tailored, efficient, and discreet solutions for international clients with high-value, cross-jurisdictional financing requirements. Our deep network of global lending partners and expertise in complex ownership structures ensures we are well-placed to meet the demands of clients with significant real estate holdings both in the UK and overseas.
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