Originally published by Bridging and Commercial on the 15th September 2021
The facility — agreed at 73% LTV on a 12-month term — was paired up with a development exit loan provided by a second lender to refinance the borrower’s existing funding and to allow more time for the sale of the property.
Arc & Co introduced the deal to CapitalRise and advised the client on structuring the mezzanine loan.
The new-build apartment, complete with outdoor space, has been constructed above two recently restored white stucco buildings on a garden square.
Katy Katani, associate director at CapitalRise said: “This exceptional property benefits from an internationally renowned address, and we’re excited to be working with an entrepreneurial prime central London developer with a proven track record in the local area.
“This loan is another example of the flexible and agile approach we take to property finance and confirms our appetite for providing mezzanine for prime property assets.”
This Hyde Park Estate project is the latest Prime Central London development we have funded following a £9.2m senior loan for a prime residential development in Bloomsbury and a £6.4m bridging loan for a luxury residential property project in Wilton Place, Belgravia.