Helical Bar announced on Monday that its Barts Square scheme, held in a joint venture with The Baupost Group, has secured a new £165 mln (€211 mln) loan from HSBC.
Helical Bar announced on Monday that its Barts Square scheme, held in a joint venture with The Baupost Group, has secured a new £165 mln (€211 mln) loan from HSBC.
The revolving credit facility refinances £35 mln of existing debt, also from HSBC, due to be repaid in March 2015.
The new facility refinances the City of London investment assets, currently let on short-term leases to the NHS health service, and provides funding for the construction of Phase 1 of the scheme which incorporates 144 residential units, 24,000 sq ft (2,200 m2) of office accommodation, retail/restaurant space and accompanying public realm improvements.
The loan is repayable in December 2019 and allows drawdowns of 100% of construction costs. It carries an interest rate of around 3.5%.
'This new facility has enabled the joint venture to start on site and with 50 apartments already sold out of the 88 apartments initially released in Phase 1, we are confident the scheme will be a great success,' commented Oliver Rippier, development executive at Helical Bar.
