Fortwell Capital has lent £30m to Gold Section Developments for a mixed-use residential and commercial development in Hackney.
The scheme in London Fields, E8, will include 42 upscale residential units totalling 32,540 sq ft and 21,969 sq ft of commercial space. It is scheduled for completion in February 2018.
Planning consent has been obtained for demolition and the construction of the development’s first residential and commercial buildings.
The real estate lender has given Gold Section a gross advance of £29.5m over a period of 24 months on a loan-to-costs basis of 81%.
Colin Sanders, chief executive of Fortwell Capital, said: “As might be expected in the current environment, this transaction was not without its difficulties. We stepped in at a time of pre- and post-referendum jitters amongst some funders, but we liked what we saw.”
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