Titlestone Property Finance, the UK’s leading residential development lender, has completed a £39 million ‘stretched senior’ loan facility to assist with the development of Galliard Homes’ Capital Towers scheme in Stratford, east London.
Capital Towers will provide 191 one, two and three bedroom apartments in two tower buildings, the 14-storey City West Tower and the 34-storey Sky View Tower, overlooking the Queen Elizabeth Olympic Park.
The £72 million development will be completed by Q4 2016 and all the apartments have been pre-sold to a combination of UK and international buyers. Purchasers have been attracted by the premium quality of the accommodation, the excellent shopping and dining amenities found in Westfield Stratford and other nearby locations, and easy access to the City and Canary Wharf.
Jonathan Morgan, Galliard’s Director of Investment and Development said; “We have been extremely impressed by Titlestone's pragmatic approach throughout this transaction and the ease in which they delivered a facility of this size on competitive terms.”
Nigel Jackson, Relationship Director of Titlestone, added; “We are delighted to be supporting such an experienced client as Galliard Homes in delivering this project.”
Titlestone was launched in 2012 and has since committed over £1bn across 175 development projects in London and southern England. It is led by chief executive Robert Orr and an experienced lending team and is backed by the significant resources of Oaktree Capital.