Refinancing negotiated for developers behind Radisson Blu Durham
The developers behind the the 207-bed Radisson Blu Durham hotel, who entered administration last year, have secured refinancing to support the long term leasehold of the property.
Administrators from Grant Thornton were appointed to Closegate Hotel Development (Durham) Limited and Closegate (Durham No.2) in October last year, although the hotel continued to operate as normal.
London-based real estate financiers, Jaeger Alternative Finance Corporation Limited, have now supplied loan facilities to settle the two firm’s leasehold interest in the hotel.
Rob Davis, CEO of Jaeger Alternative, said: “We were pleased to be able to provide a solution and a financing to bring an end to these disputes and refinance this superior asset. Our transaction facilitates a solvent restructuring.”
A wider statement from Jaeger said: “Although the hotel is the local market leader and had always performed well, the company’s construction loan and ground lease had been the subject of dispute for a number of years.”