Omni Capital has completed a record £127.5 million ‘super-bridge’ for a prime residential development project in central London.
The bridging loan was for the acquisition of 1 Palace Street, a Grade II listed 19th century former hotel building on Buckingham Gate, by Palace Revive Limited, a special purpose vehicle established to acquire the property.
Palace Revive Limited exchanged contracts in September 2013 and has now completed on the purchase of the property – a 245,000 sq ft site which will be redeveloped into 78 luxury private apartments with a restaurant and health centre.
Omni Capital provided credit approval within 48 hours and ahead of exchange and the 12 month term loan is thought
to be one of the largest ever bridging loans underwritten by a specialist UK lender.
The new scheme, which has received planning permission, will involve the part refurbishment and part demolition of the existing listed building and apartment sizes will range from 800 sq ft to over 5,000 sq ft.
“This marks the first of many transactions as Omni Capital starts 2014 and moves into larger ticket deals,” said Colin Sanders, CEO of Omni Capital.
“Extensive knowledge and expertise in all aspects of property and development, especially on deals of this size, combined with Omni’s financial structuring capabilities, enables fast and substantial in-house development funding for experienced investors and development professionals,” he added.