Developer and lender combine on third multi-million pound transaction
Fortwell Capital and Prime City Developments have announced the successful completion of their third residential development collaboration in two years.
Fortwell Capital, the CPC Group-owned real estate lender formerly known as Omni Capital, has completed the latest in a series of residential funding transactions with London-based developer Prime City Developments.
Fortwell has provided a gross facility of £11.5m to fund the acquisition of a light industrial unit in East Dulwich, London SE22, and the construction of a 19,289 sq ft residential scheme comprising 22 units, basement parking and landscaping.
The gross development value (GDV) of the finished site is estimated at £15.6m, yielding a loan-to-GDV of 73%. Fortwell funded 100% of costs, and completion of the development is scheduled for summer 2017.
Previous collaborations between Fortwell Capital and Prime City Developments include the residential schemes at Alpha House, Dalston E9, and Hogarth Views, Chiswick W4.
Colin Sanders, pictured, CEO of Fortwell Capital, said:
“Prime City Developments have a sharp and practised eye for residential development. They understand their territory and see potential others do not. To us, they epitomise the type of precise, experienced developer with whom we like to work, and, like us, continue to see favourable opportunities in both prime and peripheral London.”
Michael Magee, director of Prime City Developments, added:
“Fortwell once again showed us their commitment to the residential market in London and, again, we put them under significant pressure to complete the transaction in very tight timescales.
“Prime City and Earlplace, our JV partners on this project, believe areas like East Dulwich offer buyers great benefits, namely the demand for value for money and education. Prime City continue to look for opportunities in these areas to build on our success in the past for delivering high-quality affordable homes in the Capital.”