Captima has structured and delivered another notable development finance facility for long-standing client and prominent UK property developer, The High Street Group.
The two-stage land and development facility provides £31.1 million of funding and has been structured with specialist development lender Fortwell Capital, to enable the construction of Westminster Works, a development of 220 residences for private sale in Birmingham city centre. Situated close to the proposed HS2 rail link on the edge of the Southern Gateway regeneration zone, Westminster Works will offer city living centred around a newly created public space. Planning permission is in place and completion of the eight-storey scheme is expected in Q2 2021.
Arthur Jennings, Managing Director at Fortwell Capital, said: “Birmingham is an established investment destination, and Westminster Works will capitalise on the growing demand for high-quality residential space in the city. The size and scope of the loan facility highlights both the capital we have available to deploy, and our appetite for regional development opportunities with good sponsors.”
Gary Forrest, Chairman of The High Street Group, said: “Located close to the proposed HS2 terminus, Westminster Works will be a unique and aspirational new development for Birmingham. Fortwell Capital’s proven expertise and development understanding was invaluable in underwriting this large and complex project and will be of huge benefit in the final delivery of this landmark scheme.”
Bryan Chatwin, Real Estate Debt Manager of Captima commented “This is the fourth scheme where we have successfully structured finance for Gary and High Street Group in recent months. We are delighted with the relationship we have developed with Gary and his team and look forward to assisting them with future projects. Our engagement with Fortwell has been extremely positive and we hope to introduce further opportunities to them going forward.”