Lodha UK has raised £290m from Cain Hoy for its Lincoln Square, WC2, luxury residential development.
The facility is one of the largest loans from a single provider for a UK residential project.
The development is currently under construction and is expected to complete in Q4 2018. More than 78 units totalling £130m have been sold since its launch in May 2016. Construction is being carried out by Multiplex, the construction arm of Brookfield.
The facility includes £80m to replace the existing debt, provided by Cain Hoy last autumn, and the balance will be used to complete the project over the next two years.
Ab Shome, finance director at Lodha UK, said: “We received competitive offers from three consortiums, and are thankful to all three providers for their interest. This is an exciting development and we are pleased to partner with Cain Hoy, whose ability to provide flexible solutions and perform within our timescale has been invaluable.”
Matteo Milan, director of Cain Hoy, added: “Having already supported Lodha UK through an initial financing to enable the start of construction on site, we are pleased to continue our relationship with the Lodha team by providing this significant loan. Lincoln Square is an exceptional project where sales are performing well and this financing highlights our confidence in Lodha and the London market, as well as our ability to write large bilateral loans.”
Lodha UK will unveil its flagship development No 1 Grosvenor Square in Mayfair this summer.
To send feedback, e-mail Shekha.Vyas@egi.co.uk or tweet @shekhaV or @estatesgazette
