Node, the urban living owner and asset manager, has refinanced its Spanish portfolio of urban residential rental assets and ancillary retail with a new facility, React News can reveal.

The loan, structured as a refinancing and capex facility, was provided by DRC Savills Investment Management (DRC SIM). The deal was arranged by Westfort Advisors.

The portfolio includes more than 300 beds in historic townhouses located across city centre locations. Node will continue to operate and further enhance the product after partnering with DesignAgency on the concept and interior design.

Anil Khera, NODE said:

“We are excited to continue our long-standing relationship with DRC and its founding partners, as we prepare for our next chapter of growth”

Mark Gibbard, principal at DRC SIM, said:

“The team is thrilled to have supported Node as they grow their footprint of assets across Spain. This deal underlines DRC SIM’s ability and commitment to deploy our debt strategies into strongly performing real estate assets with experienced sponsorship, such as Node.”

The portfolio refinanced by DRC SIM represents Node’s boutique offering in Spain. Node currently has a pipeline in excess of 7,000 beds across Europe, which includes more than 3,000 units in Madrid, Barcelona and Bilbao with larger-scale development assets opening from 2024.

Richard Herring, Westfort Advisors, added:

“Given prevailing challenges in the capital markets, the successful closing was testament to the attractiveness of the financing terms, the quality of the portfolio and the exceptional motivation and pragmatism demonstrated by all parties.”