Fladgate LLP has advised leading residential developer Strawberry Star on a £75 million funding from Cheyne Capital for its mixed-use development, Lu2on.
Lu2on, which is expected to complete Phase 1 in 2021, is on a 6.8-acre site which was formally part of the Vauxhall Motors. The funding will finance the construction of the first phase of the scheme comprising 401 units. The finished development will comprise 877 residential units.
Santhosh Gowda, chair of the Strawberry Star Group, says: “Our award-winning mixed-use development Lu2on will contribute to the regeneration and economic growth of Luton. As our trusted partner, Fladgate LLP played a crucial role in advising us appropriately in securing funding from Cheyne Capital. We value our association with Fladgate and their counsel.”
Marc Sosnow, client relationship partner, says: “We are delighted to continue providing specialist legal support to the Strawberry Star Group on their exciting development projects, which seek to make a valuable contribution to the local community.”
The Fladgate team comprised finance partner Charles Proctor, real estate partner James Norton with support from construction associate, Ian Smith, finance associate Ottilia Csoti and construction associate Maddy McAra.