UK-based specialist lender Pluto Finance has provided £59.8 million (€68.3 million) of finance for a residential scheme developed by BYM Capital.
The 36-month loan, arranged by broker BBS Capital, has a 65 percent loan-to-gross-development value. The deal represents Pluto’s largest loan to date.
The finance will be used to develop New Horizons Court in Brentford, one of London’s largest ever permitted development schemes. The site comprises four buildings, including broadcaster Sky’s former headquarters, and the facility will enable the conversion of the 140,248-square-feet office campus into 268 studios and one- and two-bed residential apartments.
Conversion of the properties at New Horizons Court started towards the end of 2017 and is expected to be completed in early 2019.
“This is our largest loan to date and we have good appetite to continue supporting further similar sized residential developments in and around London, particularly where flats will be registered for help-to-buy,” said Mario Ioannides, lending director of Pluto Finance.
A year ago, Pluto Finance raised more than £500 million of institutional capital for its residential development finance strategies. The firm announced the capital would be deployed across new senior debt and bridging lending strategies, as well as to relaunch its stretch senior lending.