GreenOak Real Estate completed the transaction in conjunction with London-based asset manager Signal Capital, which provided the mezzanine tranche to the developer, Halamar.
The loan is for a project at 37–38 Golden Square, Soho. The 3,160 m2 building originally comprised of multi-let offices on seven floors and ground floor retail units. Planning consent is now in place to convert the former office space into 22 apartments and reconfigure the ground floor units into a restaurant and two retail units.
Halamar, which is also currently developing its first significant Central London residential scheme on Chancery Lane, have commenced development works at Golden Square and will be completing the project in 2018.
Jim Blakemore, partner at GreenOak who leads the firm’s lending business, said, 'GreenOak is an active lender focused on value-add properties with strong asset management angles both in the UK and throughout Western Europe. Alongside Signal Capital, we are pleased to have provided debt funding to refinance the existing bridge lender and to assist the client with completing the redevelopment works. This asset has significant potential and we believe Halamar has the right experience and expertise to lead its successful development.'
GreenOak Real Estate is an independent, partner owned, real estate focused principal investing and lending firm. Since 2011, the firm has raised €5 bn of discretionary equity from institutional investors for real estate lending and investment in Europe, the US and Asia, and has acquired approximately €8 bn of assets.
