Walker & Dunlop arranged a $191 million refinancing for Project Dutch Lion, a diversified portfolio of 19 office assets located across eight municipalities throughout the Netherlands. The transaction, which closed at 55% loan-to-value, consists of $134.5 million refinancing and a $57 million accordion facility for future acquisitions and portfolio growth. The debt capital was secured from U.K.-based insurer Aviva Investors, the global asset management business of Aviva plc.

Financing Details

The financing was arranged on behalf of Time Equities (TEI), a privately held global real estate investment, development, and asset management company headed by Francis Greenburger. The deal was led by Claudio Sgobba and Patrick Smith of Walker & Dunlop. The refinancing was completed to replace existing debt and provide TEI with additional flexibility to execute its long-term asset management strategy.

Portfolio Overview

Project Dutch Lion comprises approximately 1.5 million square feet of net internal area across 19 office assets strategically located throughout the Netherlands, including Amsterdam, The Hague, Utrecht, Rotterdam, Arnhem, Apeldoorn, and other established regional office markets. The portfolio benefits from significant geographic and tenant diversification, with occupancy of approximately 90% and more than 65 tenants spanning government, professional services, healthcare, technology, logistics, and other sectors.

Sustainability and Strategy

Sustainability has been a key component of the portfolio’s value creation strategy. All assets hold Dutch energy ratings of A or higher, with more than half achieving A+ or better. These credentials far exceed the Netherlands’ minimum office energy requirements and position the portfolio well as occupiers continue to demand energy-efficient workplaces. The sponsor has invested in building upgrades, amenity enhancements, and operational improvements designed to support tenant retention, leasing velocity, and long-term asset relevance.

Stakeholder Commentary

"Successfully arranging long-term financing for a large-scale Dutch office portfolio in today’s market requires a lender that understands both the strength of the underlying real estate and the sponsor’s long-term business plan," said Claudio Sgobba, senior managing director and co-head of Capital Markets EMEA at Walker & Dunlop. "Project Dutch Lion represents a highly diversified portfolio with strong occupancy, substantial government-backed income, and excellent sustainability credentials. Aviva Investors recognized the quality of the assets and TEI’s proven track record as an owner and operator, resulting in a financing solution that supports both the existing portfolio and future growth initiatives."

"This financing demonstrates Time Equities’ continued growth and long-term investment strategy in Europe," said Aaron Medeiros, director at TEI. "We expect to be very active in the coming year with a focus specifically in the Netherlands, Belgium, and the UK. Claudio Sgobba and Patrick Smith not only met our financing objectives but exceeded in both terms and quality of lender with a new institutional lending relationship with Aviva."

"As we continue to grow our activity in Europe, we are focusing on engaging with high-quality sponsors which can combine a longer-term investment horizon with a strong focus on energy efficiency and sustainability," said Gregor Bamert, head of Real Estate Debt at Aviva Investors. "We think Time Equities is an excellent example of this and we are delighted to be working with it on this refinancing."

Walker & Dunlop arranged $128.23 million in refinancing for a four-property, 986-unit multifamily portfolio located in Eugene, Oregon. The transaction was led by the firm's Capital Markets Real Estate Finance division on behalf of an experienced local client. By utilizing Fannie Mae’s Streamline Early Rate Lock (SRL) program, the four loans were rate locked only 25 days after receipt of a signed application, reducing transactional risk in a volatile rate market.

Steven Natale, managing director of Capital Markets Real Estate Finance at Walker & Dunlop, highlighted the portfolio's strengths. "We continue to see strong demand for well-located multifamily communities that offer a compelling combination of affordability, operational stability, and long-term market fundamentals," said Natale. He noted that the portfolio benefits from strong occupancy, attainable rent levels, and favorable supply dynamics within one of the Pacific Northwest’s most stable multifamily markets.

The refinanced portfolio comprises four multifamily communities spread throughout Eugene. The properties include River Terrace with 280 units, Parkside with 254 units, The Bailey at Amazon Creek with 252 units, and Crescent Park with 200 units.

Eugene’s multifamily market is supported by steady household formation, relative affordability, and the University of Oregon’s stable employment base. Limited new supply deliveries have contributed to tightening vacancy rates and sustained rental demand across the market. Walker & Dunlop was recognized as the largest Fannie Mae DUS lender by volume in 2025, originating nearly $19 billion in Agency volume that year.