Secure Trust Bank (STB) Real Estate Finance has provided two three-year property development loans totalling £10.5 million to refurbish and upgrade residential units in London.
The first loan, valued at £4.3 million, will fund the transformation of a house in multiple occupation on York Way, Islington. Once a brewery, the property will be refurbished into high-end, furnished accommodation aimed at young professionals. The location is benefiting from the ongoing expansion of King’s Cross station.
The second loan, for £6.2 million, will be used to refurbish an apartment block in Camden that currently contains 14 residential units.
“Having worked on several projects over the past 18 months with Mike and the wider Secure Trust Bank team, we were well aware of their ability to offer a bespoke facility,” said Kevin Stedmann, managing director of Garnet Finance. “We’re delighted to see the refurbishments underway and look forward to seeing them reach completion.”
“By facilitating the upgrades of two properties in the capital, we’re proud to be supporting the delivery of high-calibre residential accommodation to vibrant areas like Islington and Camden,” commented Mike Feasey, relationship director at STB. “At Secure Trust Bank, we pride ourselves on supporting projects that contribute positively to the communities they serve, and we’re excited to see these developments take shape and deliver lasting value. I’d also like to thank Dinesh Masih, our relationship support specialist, for his help in getting this deal across the finishing line.”
The deal was also advised by the professional services firm gunnercooke.
