Regal has secured a £58.6m loan from Firma Partners to refinance The Clarendon Works office scheme in Watford.
Firma’s loan will refinance Regal’s existing development finance facility now that the 140,000 sq ft scheme has reached completion.
The Clarendon Works provides Grade A workspace over 12 floors and is nearly 80% let. Regal said there was strong interest in the remaining two floors.
Firma Partners is a newly launched real estate lender that provides specialised flexible capital for mid-to-large-scale investments and developments across the living sector.
The lender is led by founder and chief executive Victor Librae, managing director Arrif Ali and head of credit Michael McMahon.
The transaction follows Firma Partners’ first deal, announced last month, which saw it provide a £40m facility to property developer McGrath Group.
Librae said: “We’re excited to provide Regal with an investment loan to refinance The Clarendon Works, which has set a new benchmark for offices in Watford and the south east, providing a highly sustainable amenity-rich workspace that has attracted high calibre tenants. Firma Partners is focused on actively supporting forward thinking developers and investors to unlock best-in-class real estate projects and the facility we are providing for The Clarendon Works is a great example of this approach.”
