A landmark London property development has seen seven of its units acquired by property investors Prime Cities, with help from a £3.4m residential investment loan facilitated by Secure Trust Bank (STB) Real Estate Finance.
Situated in Nine Elms' Embassy Gardens, seven stunning luxury properties facing the U.S. Embassy are now set for occupancy. Featuring two apartment buildings conjoined by a unique 25-metre sky pool and private courtyard, residents will receive access to an exclusive bar and restaurant, in addition to meeting rooms, a private cinema and two world-class fitness suites.
Alongside the high-end amenities available to residents, the development is located on the bank of the Thames and close to London's affluent Chelsea and Battersea neighbourhoods, with Nine Elms predicted to become the city's latest 'hot property' neighbourhood. The seven lavish properties comprise of two-bedroom apartments and will now host their first occupants.
The three-year residential investment loan, was led by Barry Gorton, Senior Relationship Director at STB, and the bank's understanding of overseas ownership structures was key in completing the deal.
A spokesperson for Prime Cities said: "We're delighted to have finally sealed the deal for our stunning Embassy Gardens property investment. Having already found tenants eager to move in, it was essential that we completed the process in a timely fashion.
"Thanks to the determination of everybody involved, we were fortunately able to complete the deal in just eight weeks. A deal of this nature requires specialist expertise from start to finish, as well as the ability to trust that the people you're dealing with are also knowledgeable and experienced in these transactions. STB's tailored approach to structuring the loan showed to us why they are considered a trusted bank by many, and was crucial in driving completion by a very tight deadline."
Barry Gorton, Senior Relationship Director at STB, said: "We're pleased to see that our residential investment loan to Prime Cities will finally make occupancy a reality for the stunning properties at Embassy Gardens.
"Given our trusted relationship with BBS, we were certain that this deal would benefit from frequent communication throughout, an essential aspect to completing any deal of this nature. As specialists in residential investment finance, we knew that taking a tailored, approach to the deal would be key to getting it done."
Another significant element of the deal was the involvement of Relationship Support Specialist James Reeves, who is currently undergoing bespoke training through STB's 'Real Estate Finance Academy'. James was pivotal in getting the deal over the line in an extremely short timeframe. His role consisted of drawing up the initial facility application, in addition to managing internal stakeholders, negotiating legal documents and working with the valuer to safeguard the bank's position. As part of the Real Estate Finance Academy, James is progressing toward a Relationship Manager role at STB as he continues to gain experience in the world of real estate finance.
James said: "I'm very grateful to have been able to play my part in this fast-moving deal, and also thankful that my training in the Real Estate Finance Academy is standing me in good stead for these opportunities. While I'm working toward my own goal, the Academy offers fantastic progression in all areas of real estate finance. For me, the Academy initiative is one of the key reasons why I joined STB, and we're always looking to enrol more people into bespoke training schemes to help them advance in their careers."
For more details, visit Secure Trust Bank Real Estate Finance.