£80m development finance for Beetham Organization Blackfriars Tower property

This follows their announcement on 8 June 2008 of their structuring of the joint venture between Beetham and Russian giant developer Mirax. The £1billion scheme consists of a luxury hotel on the lower part and of upmarket residential apartments on the upper part.

Dorothee Queyroux, Senior broker at Red Chilli commented “The package was structured between two banks on a pari-passu basis. Having been involved since the beginning of the negotiations between the site vendor and the Beetham Organization, we were able to put together a tangible and attractive proposal. This is evidence that banks are still lending and keen to support the right project.”

“Raising finance for speculative property development schemes in the current market is not particularly easy. However, by working closely with lending institutions and through a solid understanding of their criteria in the current climate, we were able to put together a competitive facility. Being able to attract a partner of Mirax’s calibre further demonstrated the appeal of such a scheme.”

Red Chilli Structured Finance is an independent property finance advisory firm specialising in arranging funding for property projects in the UK and all over Europe.

Call us on 0845 210 5000 to discuss your funding requirements

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