Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.
£7.9m Bridging Loan Secured for Mayfair Mixed-Use Property Acquisition
FRP Real Estate Advisory has arranged a £7.9 million acquisition bridging loan with commercial lender CSBF to fund the purchase of a mixed-use property in Mayfair, London. The loan was secured for an office developer specialising in sustainable refurbishments.
The property, with a net internal area of approximately 7,500 square feet, includes vacant ground-floor retail space and upper-floor offices behind a listed façade. The planned refurbishment aims for a BREEAM Excellent rating and will involve replacement and restoration of the listed façade, internal refurbishment, and the addition of a roof terrace.
Philip Kay, director at FRP Real Estate Advisory, led the transaction, which completed within four weeks from initial instruction. The loan was structured without a formal valuation or personal guarantees and was closed ahead of formal planning consent determination. The Westminster Council planning portal has experienced administrative delays following a cyberattack, affecting planning approval timelines across the borough.
Jourdan Rajwan, director at CSBF, stated that the lender conducted an internal valuation and managed underwriting in-house, without reliance on external funding lines. FRP Real Estate Advisory is working with the developer to arrange a subsequent capital expenditure facility to fund the construction phase, which is targeted to close within weeks.
The developer plans to proceed with the refurbishment once planning consent is formally granted, focusing on converting the property to modern office and retail space while preserving its listed elements. The transaction reflects ongoing demand for commercial property financing in central London.
Source: PropertyWire