Arc & Co. has announced that it has completed a £59m loan with Atlas Capital Partners to refinance existing bank debt secured against a UK-wide hotel portfolio.

Secured against a vacant nine-unit residential block, the facility will refinance the existing lender.

The deal took three months to complete and was delivered at 65% LTGDV, with a gross facility of £10m and for a term of 24 months.

The €11.1m loan was completed six weeks from signing and was priced at 1% PCM.