Pluto Finance has completed a £25 million senior development finance loan for a commercial to residential conversion.
The development involved turning an office building close to Heathrow into 145 residential units.
Having previously supported the acquisition phase of this Heathrow site, Pluto is extending its support to the development stage with a low leverage, low cost senior finance package.
FLEXIBILITY
The Pluto deal team was led by lending manager Bertie Edwards-Hedges, who said: “This transaction highlights Pluto Finance’s ability to offer competitive, low-leverage development finance that provides developers with the flexibility they need to succeed.
“Few lenders can offer such seamless support from acquisition to development, and we’re proud to have been part of the borrower’s successful journey.”
Forsters LLP served as the legal counsel for the transaction, while Dalbergia and Cushman also advised the lender.
