£3.7m refinance agreed for Embassy Gardens portfolio in Nine Elms

"This refinancing demonstrates the strength of both the asset and our longstanding relationship with the Prime Cities team"
- James Reeves - STB Real Estate Finance

Secure Trust Bank Real Estate Finance has provided a £3.7m refinance for property investor Prime Cities, secured against seven luxury apartments at Embassy Gardens in Nine Elms, south London. The residential investment facility was agreed at 55% LTV and extends the investor's hold on the portfolio for a further three years.

Prime Cities originally acquired the two-bedroom properties at Embassy Gardens in late 2023. The variable-rate structure supports the final stage of the investor's strategy, providing a runway to begin disposing of the assets, realise its returns, and fund its next acquisition.

"This refinancing demonstrates the strength of both the asset and our longstanding relationship with the Prime Cities team," said James Reeves, relationship manager at STB Real Estate Finance. "Our aim was to structure the right product for Prime Cities and its investment strategy here in the UK.

"Above all, Embassy Gardens is a first-class scheme in a location that continues to benefit from significant investment and strong demand. Since acquisition, the portfolio has remained in constant demand from prospective tenants. We are proud to have supported as the preferred financial partner on this deal and look forward to working with the borrower in the future."

Doron Segev, part of the Prime Cities management team, said the relationship with the bank had been a factor in the decision. "Secure Trust Bank has proven to be a reliable funding partner in recent years," he said.

"James and the team have a deep understanding of our business, the asset class and the wider residential investment market, which made the refinancing process extremely straightforward. That continuity and understanding are more important to us than opting for the lowest headline rate."

Reeves led the deal alongside the borrower's management team of Segev and Barak Moser, having worked with the pair across Prime Cities' first two UK real estate acquisitions over the past three years.

Embassy Gardens sits within the Nine Elms regeneration zone, adjacent to the US Embassy. The development comprises several apartment buildings, two of which are connected by a 25-metre sky pool and private courtyard. Residents have access to a bar and restaurant, meeting rooms, a private cinema and two fitness suites.