CapitalRise loans £9.2m for Bloomsbury office conversion
This article was originally published by Property Week on Tuesday 3rd August 2021.
Prime property lender CapitalRise has provided a £9.2m senior loan for the refinancing and development of two freehold Georgian townhouses in Bloomsbury, London, Property Week can reveal.
The grade-II listed properties have a GDV of £14m and the loan will fund the conversion of the properties from their current office use to five-bedroom luxury homes.
The two adjoining Georgian buildings on Great James Street date back to the 1720s and its period features will be retained.
CapitalRise chief executive and co-founder Uma Rajah said: “This is an excellent example of the opportunity that change of use developments present to quality developers and lenders like CapitalRise.
“This is an outstanding Georgian property with beautiful historic features and architecture, in great condition, which will be preserved and adapted to complement 21st century living. We are proud of our continued support for prime developments in London and the Home Counties and we have been well-placed to do this because of our exceptional quality of service and thorough due diligence processes.”
CapitalRise associate director Katy Katani said: “We are extremely proud to be working on this ultra-exclusive historic property with an exceptional high-calibre team of professionals. We worked closely with JW Private finance to construct a bespoke package and look forward to overseeing the progress of this impressive development. This deal confirms our appetite for funding super prime developments in central London.”
Finance broker JW Private Finance’s director Jordan Willis said: “This was a time-sensitive and complicated transaction that required a lender with a commercial approach and collaborative mindset.
“Katy Katani and the CapitalRise team have been extremely professional and diligent and been at hand daily to deal with all the hurdles along the way by delivering a solution to some complex issues within a very tight timeframe.”