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Ben Eppley, the US firm’s head of property debt in Europe, says the transitional financing is representative of Apollo’s recent lending.
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The latest report by Bayes Business School, formerly Cass, reveals loan origination reached £23.3bn in the first six months of 2021 as lenders tackled a deals backlog.
Dan Pottorff, the manager’s head of debt investment, says Invesco’s determination to make the Birmingham asset more valuable over time was key to its decision to fund the project.
After underwriting a modular construction project for the first time, the bank says the building method can be efficient and sustainable but comes with specific lending risks.
Construction design
The head of UK property finance at the company, which has lent £240m for new warehouses, says funding construction is a way to earn higher returns in the competitive sector.
residential development
The specialist lender, which has focused to date on residential development financing, says the pension fund’s investment will support its lending market growth.
The investment manager has raised an initial £140m of investor capital and is targeting £500m for its latest UK lending vehicle.
Sector specialists say the anticipated sale will create a way forward for lenders and investors working on distressed shopping centres in the country.
Following a purchase by development and asset management firm W.RE, plans to renovate Arding & Hobbs are underway, spurred by a £55m loan from BentallGreenOak to redevelop the property.
Kate Lawlor, the firm’s chief executive, says the pandemic has prompted a growing number of debt providers to be willing to fund the sector.
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