Sirius completes £15m development facility
The loan will fund the development of a block of 100 one- and two-bedroom apartments, with underground parking and cycle storage in Peterborough, Cambridgeshire. The scheme, which is part of the Riverside Generation Project in Fletton Quay, is a brownfield site by the River Nene, in walking distance of Peterborough station.
The scheme is being developed by the Propiteer Group and Sirius worked in partnership with the introducer, Miragon Investments, and the lender, Hilltop Credit Partners, to secure a quick completion.
Frank Martinez, CEO at Miragon Investments, said: “We are really pleased with the outcome of this case. It was a potentially difficult scenario and the team at Sirius were able to secure funding without fuss and within a good timescale that exceeded the client’s expectations. We have now committed a debt pipeline of more than £50m to Sirius Property Finance and we hope that this marks the start of an ongoing and mutually beneficial relationship.”
Robert Heywood, senior associate at Sirius Property Finance, said: “This was an excellent example of a big team effort to secure the completion of a large deal in difficult circumstances. There were lots of different elements to this scheme which could have caused a problem, but the team at Miragon Investments, the client and Hilltop Credit Partners were all fantastic and we all worked together in partnership to get it across the line, and in good time. I’m looking forward to working together with Miragon Investments on funding more developments in the future.”