Capstone has been given a new loan facility on a Paris office park, according to a source familiar with the situation.

Capstone bought the Parc d’Activités Mure in Ivry sur Seine in a joint venture with private equity firm Aquasourca in June last year, the source said.

First Growth Real Estate Finance advised the lenders to Capstone on the original, 70% LTV acquisitional finance when it bought the 44,000 sq m scheme last year for EUR 60m. Both the mezzanine debt investor and senior lender have now been fully repaid, First Growth said in a statement today, generating as much as a double digit return for the capital providers in less than 18 months.

Finance was previously provided by Deutsche Bank, the source said.

Senior French commercial real estate loans are currently priced at between 250-500 basis points over EURIBOR, according to First Growth. This compares with margins of between 200-300 bps in the UK and 150-250 bps in Germany.

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