CapitalRise funds £8.1 million development finance loan
CapitalRise, the specialist lender for prime residential developers, announces that it has extended an £8.1 million development loan to finance the construction of a purpose-built luxury 10-unit apartment scheme located in the affluent village of Radlett, Hertfordshire.
This is CapitalRise’s first project with Heronslea, the award-winning developer with a successful track record of delivering single and multi-unit residential projects of this nature. Over the past 17 years, Heronslea has established itself as one of north London and Hertfordshire’s leading high-end developers.
CapitalRise’s financial package will go towards funding the acquisition and development of the high-quality residential project, which will be set over a combined 14,000 sq ft of internal floor space. Once complete the four-storey Neo-Georgian style property, independently valued at £12.1 million, will include generous underground parking, lift access to all floors and fully landscaped communal gardens. Radlett itself is now regarded as one of the most prosperous places in Britain, with green belt protected countryside and commuter trains taking less than half an hour to reach central London.
In the last three years, CapitalRise has lent against over £300 million of prime property assets in locations such as Mayfair, Knightsbridge and the Home Counties and demand for finance remains robust with c. £1.6 billion of loan applications received in the past six months.
Uma Rajah, pictured, Co-founder and CEO at CapitalRise, comments:
“This high-quality development sits in CapitalRise’s sweet-spot, as we increasingly write bigger ticket loans and attract leading professional developers who are drawn to our recognised expertise of the prime market coupled with our ability to provide quick and reliable finance tailored to their needs.
“We’re delighted to be working in partnership with Heronslea, who have a solid reputation for building beautiful developments to the highest standard in this desirable home counties commuter town; we’re confident that this project will be yet another success.”
Jason Rishover, Director of Heronslea Group, added:
“In CapitalRise we’ve found a lending partner that clearly understands our market and shares our vision for the exciting potential of our Radlett development, which we’re now looking forward to getting underway.
“The professionalism, experience and knowledge of CapitalRise’s team meant the entire process ran smoothly, despite working to tight deadlines. We look forward to building a strong relationship with CapitalRise on this and future projects.”