Barings Real Estate has written a £53.9 million (€62.3 million) development loan facility, on behalf of an institutional investor, to Meadow Partners.
The debt facility will fund a mixed-use scheme comprising residential and commercial space, in Maida Vale, West London.
The loan will enable Meadow Partners, an international real estate investor and asset manager, to build around 100,000 square feet of mixed office and residential space.
The residential development comprises 74 for-sale apartments, including 19 affordable units. Office assets will comprise around 20,000 square feet, of which approximately 70 percent has already been pre-let to an NHS Foundation Trust on a 20-year lease.
“Through this transaction, Barings is enabling the transformation of a former neglected site into a high-quality mixed-use development which will provide additional housing supply for London,” said Chris Bates, head of core mortgage Europe at Barings.
“This marks our 14th financing in London as we continue to grow our lending platform across a diverse range of markets and demonstrates our ability across all property types,” Bates added.
Last month, Barings wrote a £165 million, seven-year loan secured against the Hotel Café Royal, the 150-year-old, five-star hotel in London’s West End. The loan, which represents a 47 percent loan-to-value ratio, will be used to refinance existing debt.