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UK: Close Brothers Property Finance has completed a £67.2 million facility to support the delivery of a 340-unit build-to-rent (BTR) scheme in Cardiff city centre.
The scheme, by developer Draycott Group, has a gross development value (GDV) of more than £100 million.
The 30-storey building is set to be one of the tallest buildings in Wales.
The deal for the project, known as Harlech Court, was led by Close Brothers’ Structured Finance team.
Phil Hooper, CEO of Close Brothers Property Finance, said: “Harlech Court is exactly the type of scheme our Structured Finance team was set up to back: a landmark development in an excellent central location in a capital city that continues to see strong demand for quality rental stock. We’re proud to be partnering with Draycott and to be growing our presence in the Living sector with the same relationship-led approach that’s made us a trusted partner to housebuilders and developers for over 50 years.”
Sajid Ghaffar, CEO of Draycott Group, added: “This is the largest scheme that we have delivered to date and it will transform the Cardiff city skyline. Cardiff is a market we know extremely well, having been active in residential and commercial property development for over 40 years, and Harlech Court builds on that long-standing track record. The team at Close Brothers Property Finance have understood our ambition from day one and worked closely with us to structure a facility which has enabled the scheme to move forward at pace. Working with a lending partner with similar longevity and a clear commitment to the region has been enormously valuable.”
Highlights:
- Close Brothers Property Finance has completed a £67.2 million facility to support the delivery of a 340-unit build-to-rent (BTR) scheme in Cardiff city centre.
- The scheme, by developer Draycott Group, has a gross development value (GDV) of more than £100 million.
- The 30-storey building is set to be one of the tallest buildings in Wales
