FRP Real Estate Advisory has arranged a £7.9m acquisition bridging loan with specialist commercial lender CSBF to fund the purchase of a trophy, mixed-use asset in Mayfair, London.
The facility was secured on behalf of an established brown-to-green office developer. The c. 7,500 sq ft net internal area (NIA) property comprises vacant ground-floor retail space and upper-floor offices behind a historic, listed façade, with the repositioned scheme targeting a BREEAM Excellent rating.
Philip Kay, director at FRP Real Estate Advisory (pictured), led the transaction. The deal completed within a four-week timeline from initial instruction, bypassing the traditional requirement for a formal valuation or personal guarantees.
The loan was structured and closed ahead of the formal determination of planning consent, which has faced administrative backlogs following a cyberattack on Westminster Council's planning portal.
Planning consent for an extensive refurbishment of the asset is now imminent, with proposed plans including the replacement and restoration of the existing listed façade, a complete internal refurbishment, and the addition of a premium roof terrace.
With planning consent now imminent, the sponsor is well-positioned to progress the property's modern reconfiguration. FRP Real Estate Advisory is already working alongside the developer to arrange a subsequent capex facility, targeted to close in the next few weeks to fund the upcoming construction phase.
"Securing a trophy asset in Mayfair requires a highly efficient approach, especially when navigating tight acquisition windows and fluid planning timelines," Kay says.
"By structuring the facility without a formal valuation or personal guarantees, we were able to deliver complete transaction certainty and a seamless four-week execution for our client.
"With planning permission for the new façade and roof terrace now imminent, the true potential of this asset is ready to be realised. We are already moving quickly to transition the project into its next funding phase."
Jourdan Rajwan, director at CSBF, notes that speed was central to securing the deal.
"In a competitive market, speed and deliverability are key to securing prime assets," he says. "We recognised the quality of the asset and the developer's track record early on, which gave us the confidence to move quickly and take a highly streamlined approach."
"By carrying out an internal valuation and handling underwriting in-house, without reliance on external funding lines, we were able to move efficiently and deliver a transaction of this scale within four weeks without unnecessary delay," he adds.
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