Halamar undertakes refinancing of Golden Square property development

Fladgate LLP has advised Halamar Developments on a complicated refinancing of a property development in Golden Square, Soho, borrowing new funds of more than £50m.

The refinancing involved:

  • a corporate reorganisation to insert three levels of holding companies between the property owning company and the ultimate shareholders together with amendment of the existing shareholders agreement and bonds;
  • a new senior loan from Greenoak;
  • a new mezzanine loan from Signal;
  • a new secured but subordinated debt from an equity investor;
  • additional unsecured loans from existing equity providers;
  • exchange of contracts to sell certain interests in the site as a condition of the financing; and
  • redemption of debt from the existing senior lender.

The Fladgate team was led by corporate partner Jeremy Whiteson, supported by: Luke Morris, Yulia Leyko and Dan Whebell on the finance arrangements; Orit Rioumine Gold on the corporate reorganisation; Stephen Lewis, Antonia Brandes, Amanda Hado-Bodfield, Mark Harnett and Richard Reuben on the property aspects; Gemma Grunewald and Hamilton Forrest on tax; and Chris Farrell on construction matters.

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