Silbury Finance has backed developer Kingsbridge Capital’s next office-to-resi conversion with a £24.7m senior loan.
The Oaktree Capital Management-backed development lender offered the 20-month facility at 88% loan to cost.
Kingsbridge is turning the 100 The Ring office block in Bracknell, Berkshire, into 150 studio and one-bedroom flats. The first homes will be finished in the second half of 2024.
Jamie Rahder, investment director at Silbury Finance, said: “This scheme should serve as a blueprint in using permitted development to transform obsolete office stock into much needed, well connected, high quality homes, a far more sustainable method versus ground-up development.”
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