Cain Hoy has provided a £78 mln (€87 mln) loan to residential developer Lodha UK for 202 London apartments.
The deal represents one of the largest structured debt financings in the UK since this summer's referendum on EU membership.
The loan is secured against Lodha’s site on London’s 48 Carey Street, which has planning permission for the development of 202 new residential units. The scheme, known as Lincoln Square, is located in London’s legal district, opposite the Royal Courts of Justice and adjacent to Lincoln’s Inn and the London School of Economics.
'Pre-sales of Lincoln Square have been exceptionally strong and we are delighted to be taking the project forward to the next phase of development,' said Ab Shome, director of finance for Lodha UK. 'Cain Hoy has an outstanding reputation in the lending market and a deep understanding of development.'
'This deal reinforces our position as one of the most active players in the UK property finance market and highlights our continued confidence in London, which retains its global appeal in spite of the Brexit vote. We are delighted to support Lodha Group, which is a major international business, by facilitating its development of this prime site to create exceptional central London homes,' commented John Cole, managing director of Cain Hoy.
Lodha UK has completed demolition at the site and said that the loan would enable construction of the foundations to commence. The first phase of the development has virtually sold out.
