GreenOak Secures $40M Refi for London Mixed-Use Project
- Dec 12, 2016
London—GreenOak arranged a $40.4 million loan on behalf of Halamar for the refinancing and conversion of a mixed-use, 34,000-square-foot building in England’s capital. The transaction was completed in conjunction with Signal Capital, which provided the mezzanine tranche.
Located at 37-38 Golden Square in London’s Soho neighborhood, the eight-story property was originally built to accommodate office tenants on seven floors and retail tenants on the ground floor. Planning consent is now in place to convert the former office space into 22 apartments and reconfigure the ground floor units into a restaurant and two retail units.
Halamar, the owner of the property, specializes in the design and development of residential assets. The firm started development works at the mixed-use building and plans to complete the project in 2018. The company is also currently developing its first significant Central London residential scheme on Chancery Lane.
“GreenOak is an active lender focused on value-add properties with strong asset management angles both in the U.K. and throughout Western Europe. Alongside Signal Capital, we are pleased to have provided debt funding to refinance the existing bridge lender and to assist the client with completing the redevelopment works. This asset has significant potential and we believe Halamar has the right experience and expertise to lead its successful development,” said Jim Blakemore, GreenOak partner, in a prepared statement.
Image Courtesy of Halamar