Urban Exposure and Starwood European Finance has lent £101.75m for the development of Baltimore Wharf, a residential scheme in London’s Docklands.
The project will consist of a 46-storey tower and an 18-storey tower, with 473 residential units in total (394 private residential and 94 affordable housing) over c. 350,000 square feet of total space including ancillary leisure amenities. It is being developed by Galliard Homes, Frogmore, C J O’Shea Group and LBS Properties and will complete in summer 2016. Urban Exposure served as a key transaction adviser, contributed as a minority lender in the Facility and has been appointed Facility Agent.
The Tower has been designed by renowned architects Skidmore, Owings & Merrill, to provide a changing array of perceptual effects as the sun moves around its curved form. It will feature high-quality finishes, desirable views and state-of-the-art amenities including a split-level brasserie, bar and restaurant, valet parking and a large-screen cinema room. Residential buyers will have a choice of suites and apartments ranging from one to five bedrooms. The tower units have been substantially pre-sold.
Randeesh Sandhu, CEO of Urban Exposure, said “We are pleased to have work alongside Starwood European Finance on this loan. This is a large and complicated scheme and demonstrates the technical expertise we bring to the table for our funding partners. We look forward to working closely with the borrowers to see the project successfully completed and a stunning addition made to the London skyline.”
Starwood European Finance also completed 3 further real estate funding transactions, including the W Hotel in Amsterdam.
Peter Denton, head of European debt at Starwood European Finance, said “We are pleased to provide flexible solutions that will allow high-quality borrowers to carry out their business plans on strong real estate. These financings demonstrate our commitment to working with sponsors as they execute their investment strategies across Europe. Our ability to quickly and thoughtfully deploy capital when attractive, incremental opportunities present themselves makes Starwood European Finance a lender of choice in Europe.”
“Funding two high-profile commercial real estate projects such as the development of Baltimore Wharf and the refurbishment of the W Amsterdam reflects the depth of our lending platform in Europe and our ability to continuously source attractive financing opportunities outside of the United States,” said Jeff Dishner, Senior Managing Director and Global Head of Real Estate Acquisitions at Starwood Capital Group. “We continue to reaffirm Starwood Capital Group’s position as the global property market’s trusted and preferred lender.”
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