Private investor Cain Hoy has backed an Indian developer with $375m (£335m) of construction funding.
Lodha UK, the London-based development arm of Lodha Developers, will use the finance for its Lincoln Square residential development in the UK capital.
The facility includes £80m to replace existing debt provided by Cain Hoy last autumn.
Lodha said the balance will be used to complete the project over the next two years.
Matteo Milan, director at Cain Hoy, said: “Having already supported Lodha UK through an initial financing to enable the start of construction on site, we are pleased to continue our relationship with the Lodha team by providing this significant loan.”
Milan said the financing highlights Cain Hoy’s confidence in Lodha and the London market.
The development, currently under construction by Brookfield’s Multiplex arm, is expected to be completed by the end of next year.
Over 78 units worth £130m have been sold since its launch in May last year.
Ab Shome, finance director, Lodha UK said the firm had received competitive offers from three consortiums for the facility.
No comments yet