Cheyne Capital and Crosstree Real Estate Partners have provided funding for a residential-led development in London. The scheme is being managed by special purpose vehicle Harcourt Investments, according to a company announcement.
The £120 million (€140 million) financing comprises a senior portion, being provided by Cheyne, representing £85 million. Crosstree is providing the mezzanine financing with a loan of £35 million.
The financing is being used for the redevelopment of London-based Edwardian mansion block Harcourt House. The property was acquired for £75 million in 2013. When the development is complete it will comprise 25 luxury apartments and a 19,000 square feet private medical centre.
The development is being managed for Harcourt Investments by private property manager Centreland. Knight Frank served as the financing agent for the deal.
“This is the latest in a series of specialised financing solutions we have provided to borrowers in the UK who are looking increasingly to flexible capital and tailored funding solutions for their real estate projects, particularly for those that are large and complex,” said Arron Taggart of Cheyne Capital.