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UK: United Trust Bank (UTB) Structured Property Finance has completed a £35 million structured stabilisation facility for an office-to-residential conversion near Heathrow Airport.
The £56 million scheme, which features 169 apartments and ground floor commercial space, is being delivered by international real estate development and investment company Gold Wynn.
While nearly complete, all 169 apartments required final sign-off and were vacant at the point of lending.
The purpose of the loan, structured by Martin Cameron, business development director in UTB’s Structured Property Finance team, was to refinance Gold Wynn’s existing facility to reduce ongoing finance costs and release equity to be employed in another pipeline development in London.
Mark Shooter, director at Gold Wynn Heathrow, said: “We were impressed with the way Martin and the UTB team approached and executed this transaction. From the outset, they demonstrated a clear understanding of the scheme, our wider investment strategy and the importance of delivering a facility that reduced our finance costs while positioning the asset for long-term hold. The process was efficient, collaborative and solutions-driven, and we look forward to building on this relationship in the future.”
Cameron added: “We were delighted to assist Gold Wynn with this facility, and it was a pleasure working with Mark and the highly experienced and knowledgeable Gold Wynn team to complete this substantial loan.”
Highlights:
- United Trust Bank (UTB) Structured Property Finance has completed a £35 million structured stabilisation facility for an office-to-residential conversion near Heathrow Airport
- The £56 million scheme features 169 apartments and ground floor commercial space
- It is being delivered by international real estate development and investment company Gold Wynn
