United Trust Bank (UTB) has provided a £35m facility to support the stabilisation and refinancing of a near-complete office-to-residential scheme close to Heathrow Airport.
The structured residential-led facility has been delivered by United Trust Bank’s structured property finance team to refinance a £56m build-to-rent development comprising 169 apartments and ground floor commercial space.
The scheme has been developed by Gold Wynn, an international real estate investment and development business with an established portfolio in the United States and globally.
At the point of lending, the development was nearing completion but all 169 apartments remained vacant and required final sign-off. However, the lender said tenant demand was expected to be strong, supported by the scheme’s proximity to Heathrow Airport and the quality of the accommodation.
The three-year loan has been structured to refinance the developer’s existing facility, reducing ongoing finance costs while also releasing equity to support further pipeline projects in London.
STRUCTURED APPROACH TO STABILISATION
The transaction was arranged by Martin Cameron, business development director in United Trust Bank’s structured property finance team.
Mark Shooter, director of Gold Wynn Heathrow, says: “We were impressed with the way Martin and the UTB team approached and executed this transaction. From the outset, they demonstrated a clear understanding of the scheme, our wider investment strategy, and the importance of delivering a facility that reduced our finance costs while positioning the asset for long-term hold.
“The process was efficient, collaborative and solutions-driven, and we look forward to building on this relationship in the future.”
Martin Cameron, business development director – structured property finance at United Trust Bank, adds: “We were delighted to assist Gold Wynn with this facility, and it was a pleasure working with Mark and the highly experienced and knowledgeable Gold Wynn team to complete this substantial loan.
“UTB has the appetite and ability to deliver competitive and bespoke funding solutions from £2.5m to £35m catering for a wide variety of residential, commercial and mixed-use scenarios.
“We enjoy working with experienced real estate investors and providing the funding they need to achieve their objectives, no matter how complex or challenging.”
