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Real estate investor and lender Cain Hoy has provided a £290 million construction loan to Lodha UK to fund the development of the Lincoln Square residential scheme in central London.
Cain Hoy, the real estate investor and lender, has teamed up with Qatar Investment Authority to provide a £450 million financing of a 27-storey office tower development in London’s Docklands.
Lodha Group has secured development finance for one of its two flagship London residential projects with alternative lender Cain Hoy Enterprises. Cain Hoy is refinancing a pbb loan witha £78 million bespoke finance package for development of Lincoln Square, the recently renamed New Court, 48 Carey Street, WC2 which is to be redeveloped as 202 apartments.
Cain Hoy, the private investment company headed by former Heron director Jonathan Goldstein, is expanding its team after investing £1.3bn. The company, which invests in both debt and equity, usually with partners, has made two hires in London and is looking to make a further senior hire in New York.
Lloyds Bank Commercial Banking and Investec Structured Property Finance have provided a £190m development facility to Cain Hoy and Sager Group for their £400m Islington Square joint venture in London. Investec has also taken a minority equity stake in the project. It provided an initial refinancing loan for the scheme which has now been rolled into the development facility with Lloyds.
Investec Structured Property Finance has provided around £85m for a Cain Hoy consortium’s £170m acquisition of the east London site for The Stage. The debt is a four-year facility reflecting a loan-to-value of 50% at around 2.2% interest.
Real estate debt borrowers should be wary of turning to alternative lenders because they were more likely to go after the underlying property, the LMA Real Estate Finance Conference heard today. RBS director of real estate finance Jason Presence told an audience at Allen & Overy’s offices in London that some non-bank lenders were effectively acting as ‘lend to own’ buyers.
Loan to support £1bn pipeline
Cain Hoy and banking club win mandates at 1.5m sq ft scheme
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