loan to value
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 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.”
Gavin Eustace, Head of Residential Development, Octopus Real Estate