Investec Structured Property Finance and Lloyds Bank have provided a £85 million senior loan to developer Anthology for a residential project in Hoxton, east London.
Investec has agreed to provide a £42.5 million (€48.1 million) facility, while Lloyds Bank Commercial Real Estate will provide the remaining 50 percent of the finance for the scheme.
“This was a complex financing transaction, in which Investec and Lloyds Bank worked closely with the business and added value throughout the process,” David Clark, director at Anthology Group, said.
The development, with a gross value of £175 million, with offer a selection of luxury studios, as well as one, two and three bedroom apartments. In total, Anthology will offer 198 new homes for sale with a starting price of £490,000.
The project is one of four schemes in Anthology’s existing development pipeline, targeting delivery of 600 homes each year from 2018.
“We continue to identify and support residential development schemes in London that are in attractive locations,” Mark Bladon, head of structured property finance at Investec, said.
“Despite the wider uncertainty causing some parts of the property market to retreat, the first half of 2017 has been an active one for Investec, as we continue to partner with both new and existing clients,” Bladon added.
Anthology, a leading developer of quality London residential homes, was established by Oaktree Capital Management, with whom Investec has an established relationship.