Wells Fargo to provide £50.4m in funding for Helical’s Crossrail project
Helical has agreed a £50.4m, five-year loan facility with Wells Fargo to finance Helical’s £120m, 90,000 sq ft office development above Farringdon East Crossrail Station, EC1.
The facility will be drawn during the construction phase, which has begun, and will convert into an investment facility for the remainder of the term. It will have a 1.75% interest rate cap on £40m between January 2020 and July 2023.
Helical exchanged a development agreement on the site with Transport for London earlier this year, granting the company a 150-year lease on handover.
Helical has agreed a £50.4m, five-year loan facility with Wells Fargo to finance Helical’s £120m, 90,000 sq ft office development above Farringdon East Crossrail Station, EC1.
The facility will be drawn during the construction phase, which has begun, and will convert into an investment facility for the remainder of the term. It will have a 1.75% interest rate cap on £40m between January 2020 and July 2023.
Helical exchanged a development agreement on the site with Transport for London earlier this year, granting the company a 150-year lease on handover.
Farringdon East Crossrail station will make Farringdon one of the biggest transport interchanges in the UK, with an expected 27m passengers a year.
Helical’s development is expected to complete in November 2019, shortly after the delayed opening of Crossrail.
Matthew Bonning-Snook, property director at Helical, said: “We are pleased to start this exciting new scheme in a location that we know well, sitting adjacent to our Charterhouse Square property and close to the new urban quarter we are creating at Barts Square.
“We are confident that the building will attract strong interest from potential tenants.”
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