Barings Real Estate, part of global real estate investment manager Barings, has provided a £53.9 mln (€62 mln) development loan facility to Meadow Partners for the development of a mixed-use scheme in London.
Made on behalf of an institutional investor, the loan facility will enable Meadow Partners, an international real estate investor and asset manager, to construct Hathaway House, a residential and commercial asset in Maida Vale, West London.
'Through this transaction, Barings is enabling the transformation of a former neglected site into a high-quality mixed-use development which will provide additional housing supply for London,' said Chris Bates, head of core mortgage Europe at Barings Real Estate.
'This marks our 14th financing in London as we continue to grow our lending platform across a diverse range of markets and demonstrates our ability across all property types.'
Covering around 100,000 ft2 (9,290 m2), the scheme will comprise 74 for-sale apartments, including 19 affordable units and c. 20,000 ft2 office space, of which around approximately 70% has been pre-let to an NHS Foundation Trust on a 20-year lease.
Established in 2009, Meadow Partners has to date executed the acquisition and ongoing asset management of $26 bn of real estate assets located in the US, Europe and Asia.