Prime Pacific jv secures loan for King’s Cross resi tower
Brill Place, a joint venture between Hong Kong-based Prime Pacific and ED Group, has secured a £35m loan from Investec for a new luxury residential tower in King’s Cross.
The financing for the 22-storey tower, from Investec Structured Property Finance, is structured as a multi-tranche loan.
The tower is the first residential project for the jv’s new fund, Paladin LBS UK Residential Fund I. It will provide 54 luxury homes.
Brill Place, a joint venture between Hong Kong-based Prime Pacific and ED Group, has secured a £35m loan from Investec for a new luxury residential tower in King’s Cross.
The financing for the 22-storey tower, from Investec Structured Property Finance, is structured as a multi-tranche loan.
The tower is the first residential project for the jv’s new fund, Paladin LBS UK Residential Fund I. It will provide 54 luxury homes.
LBS Properties will oversee the tower’s construction, in its capacity as development manager, with work due to begin in the first half of 2020 and expected to take just over two years.
The development, opposite St Pancras International station, will feature ground-floor commercial space and cycle storage facilities in the basement.
Erin Clarke of Investec Structured Property Finance said the fund is seeking more residential sites in London.
She added: “King’s Cross has undergone an impressive and transformative period of regeneration in recent years, attracting new residents thanks to its unrivalled connectivity and increasingly vibrant scene.”
Nick Crawford, managing director of LBS Properties, said: “Brill Place will offer high-quality apartments with excellent views, located within an area of open parkland and just meters from London’s best-connected transport hub, which we believe is a unique offering.”
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