Castle Trust Capital has completed a £13.2 million development loan with Brightstar Financial.
The deal was designed and negotiated by Castle Trust’s structured finance division and was used to refinance a recently completed development of apartments at Touthill Place in Peterborough.
It was an office to residential conversion and comprises 115 apartments, office space and a gym.
The development was introduced to Castle Trust Capital by Brightstar Financial which worked with the lender to agree a solution that helped to manage short term cashflow mismatches as lettings built up to full occupancy.
Rob Jupp, CEO of Brightstar Financial, said: “Deals of this type are rarely straight forward but Castle Trust took a creative and flexible approach that met our client’s requirements.
“We are really pleased we were able to work together with Castle Trust’s structured finance team, and we are looking forward to many more collaborations in the future.”
Nick Oakley, director of structured finance at Castle Trust, added: “This was a high calibre scheme from a quality developer, utilising permitted development rights, with the completed units demonstrating strong tenant demand.
“It was a great introduction from Brightstar and our close working relationship really helped to get the deal across the line.
“It is less than a year since Castle Trust formed its structured finance division and I’ve been delighted by the flow of quality transactions we have been able to generate. Our formula of consistency, pragmatism and flexibility has been very well received by the market.”