Pluto Finance has completed a £25m senior development finance loan for a conversion of an office building into 145 residential unites close to Heathrow, London.
Through the terms, the borrower, who is a repeat client, will benefit from the flexibility of Pluto’s development finance expertise.
Pluto has previously supported the acquisition phase of the Heathrow site and is now extending its support to the development stage, strengthening the partnership with the borrower and ensuring project progression.
The firm’s deal team is leading the project, with Forsters LLP serving as a legal counsel for the transaction. Dalbergia and Cushman also advised the lender.
Lending manager at Pluto Finance, Bertie Edwards-Hedges, said: "This transaction highlights Pluto Finance’s ability to offer competitive, low-leverage development finance that provides developers with the flexibility they need to succeed.
"Few lenders can offer such seamless support from acquisition to development, and we’re proud to have been part of the borrower’s successful journey."
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