Patron Capital has completed its first direct lending deals following the launch of its real estate credit business in 2025.
The two loans, totalling £107m, comprise a £87m three-year senior refurbishment facility secured against the 122,000 sq ft Juxon House office building in the City of London.
The borrower is an SPV owned by GR Life Style Company, a Hong Kong listed global real estate investment company. The facility refinances a former loan and fully funds a £26m capital expenditure programme to reposition the asset, including the refurbishment of approximately 35,000 sq ft of recently vacated top floor office space.
Patron has also provided £20m of finance to Signal Capital, in the form of a three‑year senior whole loan, secured against an income‑producing UK-wide residential portfolio.
The transactions have been completed following the appointment of Henry Randolph as partner, who joined from CBRE to oversee Patron’s expansion into real estate credit, and the establishment of a Patron Capital Credit SMA.
Patron’s credit business is targeting £20m to £100m whole loan, and sub-£25m mezzanine lending in the UK and selected European geographies including Spain, Portugal, Germany, the Netherlands, Ireland and the Nordics.
Stephen Green, senior partner at Patron Capital, said: “These deals show we are delivering what we set out to when we launched Patron’s credit business. We are leveraging our 26-year track record in value add and opportunistic investment in Europe to work with borrowers, taking a granular approach to underwriting development, refurbishment, value-add and operational strategies.”
Randolph added: “These are two very different loans that illustrate the range of opportunities we are targeting through our credit platform across sectors, from value‑add situations where our equity and development expertise is a genuine differentiator, to time sensitive transactions where speed and agility really matter. We are actively looking at additional opportunities from ground up development through to investment lending, with a particular focus on mid-market whole loan and mezzanine lending where we can build strong, long‑term borrower relationships.”
The facilities are part funded through a loan‑on‑loan structure with MUFG Bank with Patron retaining control over loan structuring, asset management and borrower relationships. The advisers on the transactions included Addleshaw Goddard, Hogan Lovells, Newmark and Nexus RE.
