Another day, another done deal, and it would be an understatement to say this one revolves around an impressive piece of property.
We've refinanced a landmark London residential development with a £3.7m loan, helping our client, Prime Cities, to continue their investment journey at the iconic Embassy Gardens in Nine Elms.
The residential investment facility, agreed at an LTV of 55%, has allowed Prime Cities to hold seven high-end, two-bedroom apartments for a further three years, following their original acquisition in late 2023.
The loan's variable-rate structure will also support the borrower's transition into the final stage of their strategy, focused on sales and returns.
What an incredible asset to be working with too. Embassy Gardens is one of London's most recognisable residential schemes, sitting at the heart of the Nine Elms regeneration zone, right next to the US Embassy. That explains the name...
It's perhaps best known for its very 'Instagrammable' and prominent 25-metre sky pool and private courtyard that links the two buildings. Residents also have access to an exclusive bar and restaurant, as well as meeting rooms, a private cinema and two fitness suites. What more could you want?
Recently promoted relationship manager James Reeves led the deal, having worked with the borrower's management team, Doron Segev and Barak Moser, to fund their first two acquisitions in UK real estate over the past three years.
James said: "This refinancing demonstrates the strength of both the asset and our longstanding relationship with the Prime Cities team. Our aim was to structure the right product for Prime Cities and their investment strategy here in the UK.
"Above all, Embassy Gardens is a first-class scheme in a location that continues to benefit from significant investment. Since acquisition, the portfolio has remained in constant demand from prospective tenants. We are proud to have supported the borrower as the preferred financial partner on this deal and look forward to working with them again in the future."
Doron said: "Secure Trust Bank has proven to be a reliable funding partner in recent years. James and the team have a deep understanding of our business, the asset class and the wider residential investment market, which made the refinancing process extremely straightforward. That continuity and understanding are more important to us than opting for the lowest headline rate."
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