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Devonshires have advised long standing client, One Housing Group on the funding arrangements of its joint venture with Mount Anvil Group in relation to the property at 53-85 Central Street, London EC1.
One Housing Group and Mount Anvil have established a 50/50 joint venture called Central Street Developments LLP (the “Purchaser”), which purchased the Central Street property from Central Street Properties LLP in September.
The property is to be redeveloped by the contractor Mount Anvil plc and will include a combination of private sale units and 104 units of social housing, which will be owned by Community Housing Association, a member of One Housing Group.
The development is due to be completed in 2012. The development is financed through loan facilities Lloyds TSB Bank plc and AIB Group (UK) plc. Some of the debt is to be lent directly to the Purchaser, with the remainder being lent to Community Housing Association and then on-lent to the Purchaser.
Banking partner, Julian Barker led the Devonshires team, working with partners Andrew Cowan and Gareth Hall, and assistants Yeun san Naylor-Lui and Eleanor James.
