The Central London properties are Byron Court at 24-36 Mecklenburgh Sq. and 74-76 Builford St. The Byron Court is five stories with 53 units, while the vacant Guilford Street property is planned to have 19 residential flats. The loan will be used for renovation of the properties, which have not been updated since the 1960s.
The Byron property is well-leased, but the tenants will be moved out upon the end of their current leases, either monthly or single-year length, according to Anthony Cutone, director at HFF. He tells GlobeSt.com that TJAC plans to use the loan as a combination of purchasing and renovation capital, planning to lease-up the buildings upon completion.
Cutone explains to GlobeSt.com that the deal environment is looking better, but not ideal just yet. "Deals in general are difficult to get done," he says. "But it's easier to get things done today than a year ago."
Some of that is due to a few lenders re-entering the market and Cutone sees this as a positive indication, although not a panacea for the tough deal environment, just yet. "Lender that potentially had issues and [those lenders worked them out] and are starting to lend again," he explains. "Liquidity is trickling back into the market."
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