HTB provides £18.2m refinance facility for Grade II-listed office

The scheme will deliver over 27,000 sq ft of Grade A offices across three interlinked Georgian townhouses.

The property has achieved a BREEAM rating of Excellent, as well as an EPC A rating.

The facility refinances the original development loan and provides time for the borrower to secure lettings ahead of a future sale or refinance.

This is the second deal between HTB and the client, following a £13.3m facility arranged earlier this year to refinance a retirement living scheme in the South of England.

The transaction was introduced by Adam Brews, head of capital advisory at Vandermolen Real Estate and led by Tim Mycock, lending director at HTB (pictured above), supported by HTB’s relationship manager Beth Rungay and the wider HTB development finance team.

Tim commented: “Supporting a second transaction for this client underlines the strength of the relationship and the consistency of how we work.

“This was a facility with real structural complexity, requiring us to navigate a layered ownership group and deliver against tight post-completion timings.

“Our teams across credit, compliance and front office worked closely together to structure a facility that not only refinanced the asset but also gave the borrower space to stabilise income and plan their next move.”

Neil Leitch, managing director of development finance at HTB, added: “The London office market continues to evolve, but well-located, high-quality assets with strong sustainability credentials still command demand.

“The challenge for investors is the period immediately after completion, when certainty of funding is critical while lettings are secured.

“That is a space where specialist lenders like HTB can step in with pragmatic, structured facilities that mainstream lenders often struggle to provide.”

Adam said: “Completing a second transaction with this borrower and HTB underlines the importance of strong relationships in our industry.

“Vandermolen’s Capital Advisory team is proud to be at the centre of those relationships, bringing together market knowledge and disciplined execution to deliver clarity, certainty and value for all parties.”