London (PRWEB UK) 6 October 2011
Urban Exposure and Namos Capital have completed the £5m funding of a residential development in Regents Park, London. The funds have been provided as junior debt on an 18 month term, with the senior debt provided by Close Brothers.
The project will involve the complete refurbishment of a Grade I listed Nash residence of circa. 7,000 square feet and adjoining mews, with direct frontage onto the park. The project will be carried out by a market leading Prime Central London developer.
Randeesh Sandhu heads Urban Exposure’s Mezzanine lending operation, and has 10 years of experience in UK property, providing expert knowledge on all aspects of residential investment and development:
“We are optimistic about market prospects in London and the South East. London has totally different drivers to the rest of UK and many other cities internationally. We work only with developers with an established track record of delivering saleable product and profit.”
Randeesh recognises the importance of supporting prospective developers in the current market, and the provision of mezzanine lending demonstrates their commitment to the residential sector: “raising development finance is still difficult in the UK and throws up opportunities for lenders such as ourselves,” said Randeesh Sandhu. “We aim to bridge the gap between the senior debt ratios available in the market, and developer equity. We use our extensive experience to underwrite projects, but also work with developers to achieve the best from a site. We aim to be a partner, not just a lender.”
Jason Meads, Managing Partner at Namos Capital comments:
“We are pleased to have invested in this transaction on behalf of our clients. We have committed to the London Super-Prime residential market as a key area for investment for our clients. The prime end of the London residential market is set to see strong growth over the next few years as it cements its position as a global “safe haven” destination. We are delighted to have invested into this deal with Urban Exposure and are now looking for further opportunities in this space for our investors.”
Urban Exposure Ltd
Urban Exposure is a property investment, lending and development company, established in 2002. The directors of Urban Exposure are experienced in all aspects of property lending, structured finance, property development, and property sales and marketing.
Urban Exposure established a mezzanine lending arm in 2009, and is fast growing a reputation as one of the key lenders of residential development finance in the market. Urban Exposure has excellent relationships with developers, senior debt lenders, solicitors and estate agents, and concentrates on projects in Prime Central London and the South East, partnering only with developers with established track records.
Namos Capital is a boutique London based property investment management firm, headed by Jason Meads (ex Patron Capital) and Mark Hamilford (Intermark Savills). The firm focuses on investing equity into the London market from HNW Russian/CIS individuals into mezzanine finance, residential development and investment grade offices.