Fladgate advises Seastar on £15m refinancing of Strand development

Fladgate has advised the award winning residential developer Seastar on the £15m refinancing of its luxury apartment development (Strand Chambers) at 227-228 Strand in London.

The refinancing follows a sale of the retail and restaurant units on the lower floors for £4.5m which completed in February and comprised a number of stages including:

  • The transfer of the building known as 227-228 to a new SPV with new senior and mezzanine debt put in place.
  • A refinance of the building known as 226 involving the amendment and restatement of the existing funders loan and the introduction of additional funding from a mezzanine and third charge holder.

CapitalRise, one of the mezzanine lenders, has included the debt in their recent IFISA innovative financing solution for prime residential development.

The Fladgate team was led by real estate partner Matthew Williams assisted by real estate associate Jennifer Johnson, corporate partner Jeremy Whiteson, corporate associate David Baverstock, construction associate Hollie Docherty, tax partner John Forde, tax associate Gemma Grunewald and construction paralegal Laura Priestley.

 

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