CapitalRise Closes £5m Development Exit Bridge for Highveld, Ascot
CapitalRise has completed a £5m development exit bridging loan for Highveld – a limited collection of six luxury residences in Ascot. Originated by Raf Chowdhury, Lending Director at CapitalRise, the transaction follows the successful completion and refinance of the previous £4.6m CapitalRise development loan that funded the initial delivery of the scheme.
As part of the project, the original derelict property on the site was demolished and replaced with a larger, well-designed building of approximately 9,000 sq. ft., comprising four three-bed apartments and a pair of two‑bed apartments. Located on Coronation Road – one of Ascot’s grandest tree‑lined avenues – Highveld offers six private, gated residences finished to an exceptionally high specification.
The development exit facility will fund final enhancements — including the installation of balconies that were recently granted planning permission — as well as support the sales period. The borrower, Highveld Homes Ltd., is an experienced contractor and developer with a strong track record. The firm has delivered both its own projects across Buckinghamshire and third-party design and build commissions for private clients.
Following practical completion, the developer recently hosted a launch event at Highveld, after which several apartments received strong interest, particularly from the downsizer market. The homes are being actively marketed by Strutt & Parker; full details and availability can be found at highveldascot.com.
This latest refinancing demonstrates CapitalRise’s confidence in both the borrower and the standard of the finished scheme. It underscores the value of experienced sponsors delivering high-quality projects.
It also highlights the importance of strong relationships to achieve successful outcomes. Raf Chowdhury originated both the original development facility and now this bespoke development exit bridge, working closely with the borrower to align funding with the completion of S73 works and key sales milestones.
Raf Chowdhury, Lending Director at CapitalRise, commented:
“This development exit facility reflects our confidence in both the borrower and the quality of the finished product. Having supported Highveld from construction through to completion, we are pleased to provide a tailored bridge to cover final enhancements and the sales period. It’s a strong outcome for the borrower and demonstrates our ability to move seamlessly from development funding into exit solutions.”
The Highveld transaction underscores CapitalRise’s ability to provide flexible funding solutions that adapt as projects progress from origination through to completion and sale. The firm’s lending capability spans bridging, refurbishment, and development finance.
This story was covered in PrimeResi Journal here.
