Urban Exposure backs SevenCapital with £90m loan
Urban Exposure has completed £90m in financing to fuel two residential schemes from SevenCapital.
The funding was split between two loans. A senior development facility of £40.2m will fund the 228-home scheme at St Martin’s Place in Birmingham and a further £49.5m will go to a second scheme in Bracknell, Berkshire.
SevenCapital owns the land at St Martin’s Place, it has planning consent and has lined up Colmore Tang to build the £67m scheme. In Bracknell, SevenCapital will acquire and develop the former bus station. It seeks to build 242 flats and 2,680 sq ft of offices. The scheme has an expected GDV of £68m.
Urban Exposure has completed £90m in financing to fuel two residential schemes from SevenCapital.
The funding was split between two loans. A senior development facility of £40.2m will fund the 228-home scheme at St Martin’s Place in Birmingham and a further £49.5m will go to a second scheme in Bracknell, Berkshire.
SevenCapital owns the land at St Martin’s Place, it has planning consent and has lined up Colmore Tang to build the £67m scheme. In Bracknell, SevenCapital will acquire and develop the former bus station. It seeks to build 242 flats and 2,680 sq ft of offices. The scheme has an expected GDV of £68m.
Randeesh Sandhu, chief executive of Urban Exposure, said: “St Martin’s Place is set in one of the UK’s fastest growing and largest cities and will service a growing need for housing in the area. The historic town of Bracknell has also undergone significant regeneration over the past 10 years, and this development will meet growing demand in the town.”
Damien Siviter, director of Seven Capital, said: “Urban Exposure proved a perfect fit for our St Martin’s Place scheme in Birmingham, with a strong track record of providing lending and support to residential developers and housebuilders across the West Midlands. Likewise, we look forward to partnering again on our Bracknell scheme, and to working with Urban Exposure more in the future.”
In December, Urban Exposure announced it had closed £483m in loans since its May IPO, with key development projects in Birmingham, Bracknell and London. The company has committed to financing 2,208 residential units and 64,000 sq ft of commercial real estate.
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