Newly launched real estate lender Firma Partners has completed its first transaction.
The firm has provided a facility to property developer McGrath Group to support the £40m acquisition and development of a residential-led scheme in Brentford, West London, with a GDV of more than £200m.
The facility for McGrath Group will support the development of Great West House, which comprises approximately 140,000 sq ft of office space across two buildings, as well as a large car park.
McGrath intends to convert the office buildings on the 3.16-acre site into residential accommodation under permitted development rights, providing around 263 homes. Proposals are also being built up for the delivery of new homes on the site of the car park, comprising a mix of build-to-rent, student accommodation, co-living and affordable homes.
Firma Partners provides specialised flexible capital for mid-to-large-scale investments and developments across the living sector. The lender is led by chief executive Victor Librae, managing director Arrif Ali and head of credit Michael McMahon.
Librae said: “Firma Partners actively supports developers and investors to unlock enduring value through best-in-class sustainable real estate development. We’re excited to move forward with our first transaction, providing a facility for McGrath Group to support the development of new homes on an important site in west London. As a principal lender, we look forward to working together with a range of enterprising and ambitious partners to provide the specialised capital they need to bring complex projects to life.”
