Westminster council’s and Peter Beckwith’s PMB Holdings’ Berwick Street Securities joint venture has obtained financing for the development of its £100m 90-104 Berwick Street, W1, scheme.
The jv will take £10.1m in mezzanine finance from Beaufort Capital, in what is the lender’s first foray into commercial development finance. An additional £22m of senior debt will come from Close Brothers.
The scheme (pictured) includes 12 luxury flats, 13 shops and a hotel run by Hub. It is to complete by the end of 2016.
