Cain has handed over an £86m loan to fund the development of 100 Fetter Lane, EC4.
The site for the 95,000 sq ft sustainable office scheme, to be known as Edenica, was bought by BauMont Real Estate Capital in January last year and is being developed by YardNine.
Tanja Yerolemou-Ennsgraber, senior vice president for real estate finance at the privately held investment firm, said: “BauMont and YardNine have successfully unlocked a fantastic development opportunity and we are pleased to bring our construction financing expertise to the table and see Edenica unfold.”
In September, YardNine received planning permission for the 12-storey development, with more than 8,000 sq ft of roof gardens, a new pedestrian route and garden square at ground level. It will also include a new café and F&B uses.
The project, named Edenica as a reference to the Garden of Eden, is targeting the highest environmental standards of BREEAM Outstanding, plus WiredScore, SmartScore and WELL certifications.
Construction work has commenced on site and the scheme is due for completion in summer 2024.
Damien Pasini, director at BauMont, said: “Following the receipt of planning permission last year, securing development financing is another significant milestone for 100 Fetter Lane. We look forward to working with Cain and YardNine to deliver a highly sustainable and innovative workplace in one of central London’s most vibrant submarkets.”
BauMont was advised by BCLP; Cain International was advised by Taylor Wessing, Savills and CBRE.
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