Investec funds £35m loan for residential scheme

Investec Structured Property Finance has provided a £35m multi-tranche loan to Brill Place Limited, a joint venture between ED Group and Prime Pacific.

The facility will fund the acquisition of a development site to be used for the construction of a luxury, 22-storey residential tower comprising 54 units in King’s Cross, north London.

The development will include ground-floor commercial space and cycle storage facilities.

LBS Properties will oversee the tower’s construction as development manager.

Work is due to begin in the first half of 2020 and expected to be completed in just over two years.

The scheme is the first residential project for the joint venture’s newly formed fund Paladin LBS UK Residential Fund I.

Erin Clarke, relationship director at Investec Structured Property Finance, commented: “This loan demonstrates our ability to offer clients innovative and flexibly structured products, tailored to support them through the different stages of the development process.” 

Nick Crawford, managing director at LBS Properties, added: “Brill Place will offer high-quality apartments with excellent views, located within an area of open parkland and just metres from London’s best-connected transport hub, which we believe is a unique offering.”

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