The loan will be used by the borrower to acquire Abbey Gardens, a 155,000 sq ft multi-let office building in the Berkshire city.
Once acquired, the borrower will use this loan to convert two of the three blocks in the Grade A-site into residential use.
Office tenants will be consolidated into the third block.
The loan was written at 71% LTV for a period of 12 months.
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“We are incredibly proud to have assisted another one of our clients in completing the acquisition of a Grade A office in Reading and supporting their plans to convert to residential accommodation,” said Stephen Benson, partner at Blue Shield Capital.
“This deal is another example of our commitment in providing flexible financing solutions to our borrowers for them to achieve their business goals.”
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