Investec Structured Property Finance has provided £17m of debt to Galliard Homes for its redevelopment of Cygnet Street Car Park in Shoreditch.
The loan reflects a loan-to-estimated end value of below 57%. The consented six-storey scheme is expected to have an end value in excess of £30m.
Known as Fusion, the development is due to complete in the fourth quarter of 2016. It will include 39 residential units, a basement gym and a ground floor commercial unit.
Ian Burdett at Investec, said: “This is a fantastic development right in the heart of Shoreditch. We have a strong relationship with Galliard Homes and this deal is further evidence of the specialist service we offer both existing and new clients.”
Jonathan Morgan, investment & developments director at Galliard, said: “Investec have once again tailored an attractive funding solution to meet Galliard’s specific project requirements.”
Investec specialises in development and investment finance for commercial, residential and mixed-use schemes. It provides senior and mezzanine debt as well as equity and has written more than £400m of loans since the start of 2014.