Maslow Capital Offers Office Loan Facility in New York …
A specialist property development finance provider, Maslow Capital, has provided a £ 13.7million loan facility to Sheen Lane Developments for the redevelopment of a disused office building into ’64 high quality residential apartments’ .
The £ 25million GDV program, located in Purley, an area just three miles south of Croydon, is expected to improve the local area through the transformation of a disused building, “while delivering 64 residential apartments in a neighborhood prized by professional London’s workforce ‘.
The project is a “unique island site” in a residential area of the city center, spread over six floors. Upon arrival, residents will be greeted by a ‘spectacular’ light-filled central courtyard with an interior garden terrace on the first floor and 360-degree panoramic views on the upper levels of the building.
Each floor is designed to benefit from leisure spaces such as a gym, a cinema, relaxation areas and a common area. In line with growing consumer demand for greener transportation, electric car charging points and bicycle storage will also be included.
Emma Burke of Maslow Capital said the company is delighted to support the redevelopment of this “truly unique building”.
“Sheen Lane Developments has extensive experience in converting offices to housing and we are confident that their expertise will bring the unique features of the building back to life,” she commented.
Anthony Raud, Partner at Maslow Capital, added: “Maslow Capital has set up aggressive financing which enables us to provide loans ranging from £ 5million to £ 150million. Our support for Sheen Lane, which closely follows the closing of a £ 14.2million deal in Hammersmith, shows our continued support for SME developers. We are committed to supporting and delivering clients, regardless of the size of the project or the amount of debt. “
Andrew Cooper, director of Sheen Lane Developments, said his company was delighted to have completed the acquisition of Capella Court from Purley.
“Known locally as the ‘VW Building’, we look forward to redeveloping this historic building into 64 good-sized apartments of the highest quality and interior design. Purley is a popular suburban town and the proximity to the train station and the main street will make it a very attractive prospect for first-time buyers and investors. We look forward to the next deal with Maslow Capital.
Sheen Lane Developments, a private Richmond development company, was advised by Savills, Brecher and Naismiths.
Maslow Capital was founded in 2009 and provides flexible financing solutions for professional developers across the UK undertaking primarily residential, PRS, BTR, mixed-use and PBSA developments.