Development lending

Senior finance facility for residential accommodation

The finance
Octopus Property provided a 24-month, £22.5 million senior financing facility to Ktesius Keston LLP. Ktesius are an established residential developer based in central London. Management have a significant track record of successfully delivering residential schemes across the South East. Octopus Property creatively structured the deal to suit the developers’ requirements by providing funding on a deferred mezzanine position and a VAT bridge. The broker was John Kerrigan of Arc & Co.
£
22.5m
single loan
24
month-term
70
%
LTV
Our solution
The site provides a Grade II Listed building which was originally constructed in 1933 and used as a cinema until it closed in May 1977, following which it was most recently used as a Bingo Hall. The scheme comprises, 70 self-contained apartments comprising 1,2,3 and 4 bedrooms, a communal gym, ground floor commercial units, a community room and 72 cycle spaces
The building sits opposite the Valley Gardens conservation area and benefits from being close to a wide variety of business, retail and restaurant amenities. Brighton’s location has made it a popular destination for tourists, renowned for its diverse communities, quirky shopping areas and large cultural, music and arts scene.
"We're pleased to continually support developers across our broad range of products, with fast and flexible finance."
Gavin Eustace
Head of Development Origination, Octopus Property
Development lending
We work with hundreds of property developers, we know every project is different, and we are flexible to meet individual needs
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