LONDON--(BUSINESS WIRE)--GreenOak announces that it has lent £32 million to Halamar to support the refinancing and conversion of a mixed-use building at 37 – 38 Golden Square, Soho. GreenOak successfully completed the transaction in conjunction with Signal Capital who provided the mezzanine tranche.
The 34,000 sq ft building originally comprised of multi-let offices on seven floors and ground floor retail units. Planning consent is now in place to convert the former office space into twenty two apartments and reconfigure the ground floor units into a restaurant and two retail units.
Golden Square is a historic square in the Soho neighbourhood of the City of Westminster. Located in the sought-after western corner of Soho, it is considered to be the most prestigious residential Soho address given its proximity to Piccadilly and Mayfair.
Halamar, who are also currently developing their first significant Central London residential scheme on Chancery Lane, have commenced development works at Golden Square and will be completing the project in 2018.
Jim Blakemore, Partner at GreenOak who leads the firm’s lending business, said, “GreenOak is an active lender focused on value-add properties with strong asset management angles both in the UK and throughout Western Europe. Alongside Signal Capital, we are pleased to have provided debt funding to refinance the existing bridge lender and to assist the client with completing the redevelopment works. This asset has significant potential and we believe Halamar has the right experience and expertise to lead its successful development.”
GreenOak Real Estate (“GreenOak”) is an independent, partner owned, real estate focused principal investing and lending firm that seeks to provide strategic advice and create long term value for its clients and investors.
Since 2011, GreenOak has raised $5.3 billion of discretionary equity from institutional investors for real estate lending and investment in Europe, the US and Asia, and has acquired approximately $8.5 billion of assets. GreenOak has offices in London, Madrid, New York, Tokyo, Los Angeles and Seoul, with 70 professionals in dedicated local teams having local knowledge, experience and extensive networks in each market.
Halamar specialises in the design and development of aspirational residential assets. The team comprises of specialists in their field dedicated to sourcing, acquiring and designing high end classical and stylish contemporary residences.
Halamar has been successful in the creation of projects with a collective gross value exceeding £250 million. This figure includes developments that are completed and in progress.