12th December 2018
PMM Group Real Estate refinances Gara Rock Hotel
Angelo Gordon and T&B Capital have secured a £7.8m loan from PMM Group Real Estate Finance for the refinancing of The Gara Rock Hotel.
The three year facility, arranged by BBS capital, represents a loan to value ratio of 65% and will allow the owners to “stabilise the asset” following its recently completed full refurbishment.
Jasdeep Mudher of PMM REF said: “We are delighted to support Angelo Gordon/ T&B Capital in the refinance of Gara Rock. The property is superbly located on the Devon coast and offers guests a unique experience. We were further attracted to the transaction by the strength of the sponsors, the management team and sound business plan. The facility fits with our strategy to support sponsors creating value through asset management.”
Alex Pope of T&B Capital added: “Gara Rock is part of a broader strategy by T&B Capital and property developers Bmor to invest in the U.K. holiday and short breaks market. We have a strong pipeline of diversified assets and look forward to introducing more exciting products to market under the Aria Resorts umbrella.”
Joanne Barnett of BBS Capital explained: “Our understanding and knowledge of the hotel debt market ensured that we were able to find the right lender who understood the business plan and could tailor the facility to the stabilisation of the hotel.”