Atelier has completed a £7.3m loan to facilitate the acquisition and construction of 17 purpose-built apartments in Lewisham, South East London.
The loan, which was advised on by Mantra Group, the debt advisory part of financial and real estate advisory group BTG, is structured at 67% LTGDV over a 24-month term.
It will enable the acquisition of the brownfield site and the construction of 15 three-bedroom and two two-bedroom apartments.
Tricia Martin, lending director at Atelier, said: “We are pleased to back this scheme, which is being delivered by highly experienced developers. The Mantra team were closely involved throughout, and we worked together to resolve unexpected challenges, including complexities in the final stages of the transaction. It was a real team effort to get the deal over the line.”
Nick Neophytou, managing director of Mantra Group, added: “This transaction presented challenges that were new even to a team with many years of experience. Atelier were first class throughout, bringing a commercial approach and sound judgement to help us work through the complexities. Their experience and professionalism made a real difference.”
