Barings writes £54m development loan

By James Buckley - Monday, April 16, 2018 11:08

Barings Real Estate has provided a £53.9m development loan facility, on behalf of an institution investor, to Meadow Partners for the development of Hathaway House, a mixed-use scheme comprising residential and commercial space, in Maida Vale, West London.

The facility will enable Meadow Partners, an international real estate investor and asset manager, to construct the circa 100,000 sq ft mixed office and residential development which will comprise 74 for-sale apartments, including 19 affordable units and c20,000 sq ft office space, of which around 70% has been pre-let to an NHS Foundation Trust on a 20 year lease.

Established in 2009, Meadow Partners’ management team has over 50 years of collective real estate investment experience and has been responsible for the acquisition and ongoing asset management of $26 billion of real estate assets located in the United States, Europe and Asia, as well as over 250 separate transactions.

With this financing, Barings’ real estate debt team has underwritten loans across the capital stack including senior debt, whole loans and development financing across a range of traditional and alternative real estate sectors including student housing and the private rented residential sector.

Chris Bates, Head of Core Mortgage Europe at Barings Real Estate, said: “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.  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.”

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