BlackRock Real Assets has provided a £20m first mortgage loan to Cerberus Capital Management to refinance eight of the 15 buildings that comprise the Quorum Business Park near Newcastle.
The office park, located four miles outside Newcastle, comprises 500,000 sq ft of modern Class A office space constructed primarily between 2009 and 2012. Four buildings at the park managed by Broadoak Asset Management are 100% occupied, and the other four are in various stages of lease-up.
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