Urban Exposure backs SevenCapital with £89.7m development loan
Urban Exposure has backed property developer SevenCapital with two loans worth £89.7m (€102.4m).
The company provided a £40.2m senior development facility to help fund a 228-unit residential scheme in St Martin’s Place, Birmingham, and will also provide SevenCapital with £49.5m in financing for a 242 apartments development in Bracknell, Berkshire.
The UK residential development financier and asset manager said it has completed the financing in the fourth quarter of last year.
Randeesh Sandhu, the CEO of Urban Exposure, said: “St Martin’s Place is set in one of the UK’s fastest growing and largest cities and will service a growing need for housing in the area.
“The historic town of Bracknell has also undergone significant regeneration over the last 10 years, and this development will meet growing demand in the town.”
Damien Siviter, a director of Seven Capital, said: “Urban Exposure proved a perfect fit for our St Martin’s Place scheme in Birmingham, with a strong track record of providing lending and support to residential developers and housebuilders across the West Midlands.”