Large development in Canary Wharf gains collaborative funding from specialist lenders

Warren Lewis
11th February 2020
Canary Wharf 193

Specialist lenders, Aldermore, Lendhub and Proseed Capital have collaborated on a £34m finance facility to enable the conversion of a large commercial unit into 108 units in Canary Wharf with a gross development value of £55m.

The facility is majority funded by Aldermore who have provided £29m, making it their biggest property development deal to date and Lendhub and Proseed Capital have joined forces on a syndicated mezzanine loan of £4.1m to seasoned developers ‘London Green’.

London Green appointed debt advisors Mantra Capital to source and negotiate the debt package, for the project which will see the conversion of the current office space into 99 micro-apartments and 9 new build units.

Established in 1998, London Green has developed over 2000 units in their 20-year existence and currently have over 600 units in planning, construction and in their rental portfolio.

James Tregoning, Co-Managing Director, London Green, said: “We are delighted to have secured development stage funding from Aldermore, Lendhub & Proseed for our flagship project. Our debt advisors, Mantra Capital, did a great job in bringing the three lenders together and in managing the complex transaction through to completion.

"Each of the lenders really bought into the scheme and showed a real desire to get the deal done. Our construction team is making good progress on-site and we are really excited to be delivering a great product in a fabulous location.”

Christopher Adamou, Managing Director, Lendhub, adds: “We were thrilled to have been approached by Mantra Capital to assist with such an interesting case. Mantra Capital’s involvement was key to making the deal happen. Their hands-on approach meant that all hurdles were overcome without delay.

“The Lendhub and Proseed Capital team worked closely with Aldermore and all professionals to get a time-sensitive and complex deal over the line- A great effort by all the parties involved!”

John Carter, Commercial Director at Aldermore, concluded: “This has been one of our largest and most complex deals to date, involving multiple parties. Whilst deals of this size are not common practice for Aldermore, we were keen to provide the finance. An existing relationship with London Green, combined with a request that was well put together by Mantra, made it all that much easier. We continue to back people with viable strategies and this deal is a good example of that.”

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