LBS Properties secures £47m facility to deliver Hoxton residential development
LBS Properties, the London-based development manager, has secured a £47m senior debt facility to deliver a 83 home mixed-use development on Hackney Road.
Quadrant Real Estate Advisors LLC, the commercial real estate investment manager, supplied LBS with the facility.
Designed by Hawkins\Brown architects, the new development will occupy a 0.56 acre site at 211-227 Hackney Road, replacing a disused bingo hall with 83 apartments.
In addition, there will be 10,000 sq ft. of flexible B1 workspace at ground level, as well as 4,000 sq ft. of landscaped gardens on the fifth floor podium level.
Situated 300 metres from Hoxton Overground Station and a short walk from Columbia Road Flower Market, Haggerston Park and Broadway Market, the site sits between Shoreditch, Hackney and London Fields.
Nick Crawford, managing director of LBS Properties, commented: “We are delighted to be working with Quadrant to deliver this high-quality, mixed-use development in one of London’s most sought after areas.
“The striking architecture, bespoke interior design and extensive landscaped roof gardens will combine to create a market-leading development, set on the doorstep of all the amenities of Shoreditch and Hoxton.”
Kurt Wright, CEO of Quadrant Real Estate Advisors LLC, commented: “Quadrant is pleased to facilitate funding of the Hoxton Development. LBS Properties is a highly skilled developer and we are proud to be part of this project.”
LBS Properties secured planning permission for the development towards the end of 2017.
Demolition of the existing building is set to commence in early 2018, with overall completion expected in early 2020.
JLL Residential Capital Markets advised the Borrower.