United Trust Bank, Iron Bridge and Pilot Fish fund £22m GDV development
Pilot Fish has recently sourced senior, mezzanine and equity for £22 million GDV development in central Peterborough.
United Trust Bank provided the senior debt of £11,100,000, Iron Bridge Finance provided the mezzanine of £2,700,000 and Pilot Fish part funded the equity via their Investors Club (a private investment platform for HNWI’s).
This case was a great example of the broker and lenders working seamlessly together to get the deal over the line. All three parties were challenged to take a flexible approach and work in partnership as the timetable was largely dictated by the vendor.
The Brightfield Group are an experienced group of property developers who focus on commercial to residential conversions under the Government’s Permitted Development scheme.
Bayard Place is an office building in Peterborough City centre with 61,634 sq. ft of accommodation over the ground and upper four floors. The building was formerly owned by Peterborough City Council who were in the process of a large-scale office relocation. Brightfield Group obtained permitted development for 88 units and sought planning for an additional 14 penthouse, duplex apartments on the upper floors. This project will transform an iconic building and have a significant impact on regeneration of the city centre.
Richard Jones, Managing Director, Pilot Fish said:
“We approached UTB and Iron Bridge because we know that they have the appetite and ability to deliver deals of this size at market competitive rates. They worked in collaboration with the client, each other and us, [the broker] to deliver the deal on time and in line with the initial terms offered’
Martin Gilsenan, Managing Director – Sales, Iron Bridge Finance said:
“This is an innovative and exciting development and it was a pleasure to be involved in this transaction. The professionalism and the strong relationships between all parties was first class and we look forward to further projects together.”
Luke Benton-Drury, Senior Manager, Property Development, United Trust Bank said:
“We were pleased to work with Pilot Fish and Iron Bridge Finance to support this prestigious development by The Brightfield Group which will help to transform Peterborough city centre. We have established strong relationships with all the teams and together we were able to structure funding which met the developer’s requirements. We look forward to working with Pilot Fish and Iron Bridge Finance again on future projects.”