Investec Structured Property Finance has stepped in to fill a funding gap for Cain Hoy’s £400m Islington Square development on Upper Street, N1.
The bank is understood to have provided around £70m in debt refinancing to help kick- start the development of the mixed-use, 500,000 sq ft project on the site of the North London Mail Centre.
The refinancing package from Investec is the first part of a total £190m development finance package which will see it work alongside Lloyds Bank Commercial Banking.
It is understood that Lloyds had been working with development partners Cain Hoy and Sager Group for some time, but had delayed a loan offer because of a perceived development risk.
