£22.5 million
single loan
24
month term
70%
loan to value
The finance
We provided a senior financing facility to Ktesius Keston LLP, an established residential developer based in central London. Its management team has a significant track record of successfully delivering residential schemes across the South East.
The site to be developed was a Grade II Listed building in Brighton. It was originally constructed in 1933 and functioned as a cinema until it closed in 1977. It was most recently used as a bingo hall.
We creatively structured the deal to suit the developer’s requirements by providing funding on a deferred mezzanine position and a VAT bridge. The broker was John Kerrigan of Arc & Co.
The result
The completed scheme comprises 70 self-contained apartments comprising one to four bedrooms, a communal gym, ground floor commercial units, a community room and 72 cycle spaces.
The building sits opposite Brighton’s Valley Gardens conservation area and benefits from being close to a wide variety of business, retail and restaurant amenities. Brighton’s seafront location has made the town a popular place to live. It is also renowned for diverse communities, quirky shopping areas and a large cultural, music and arts scene.
“We’re pleased to continually support developers across our broad range of products with fast and flexible finance.”
Andy Scott, Co-Head of Real Estate Debt, Octopus Real Estate
