Walker & Dunlop, Inc. Capital Markets EMEA announced today that it arranged a $191 million (€168.14 million) refinancing for Project Dutch Lion, a diversified portfolio of 19 office assets located across eight municipalities throughout the Netherlands.

Led by Claudio Sgobba and Patrick Smith, 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 debt capital was secured from U.K.-based insurer Aviva Investors, the global asset management business of Aviva plc. The transaction, which closed at 55% loan-to-value, consists of $134.5 million (€118 million) refinancing and a $57 million (€50 million) accordion facility for future acquisitions and portfolio growth.