Investec provided Blue Coast Capital with a loan worth £23.7m to develop 56 apartments in former Grade-II listed Richmond Royal Hospital.
Investec has provided Blue Coast Capital with a loan worth £23.7m to develop 56 apartments in former Grade-II listed Richmond Royal Hospital.
The money will be used to complete a full refurbishment of the building, with the converted south and north wings undergoing a more comprehensive redevelopment.
The apartments will include a mix of one, two and three-bedroom units.
Blue Coast Capital acquired the site in 2018, with the development expected to be complete by the end of 2022.
Investec was advised by Womble Bond Dickinson, JLL and PBC.
Barney Kelham, managing director at Blue Coast Capital, said: “The residential development sector remains a key focus for Blue Coast Capital and we are delighted to be working with RER and Investec on this project.
“We look forward to delivering 56 exceptional apartments in this prime residential location.”
Joshua Weinstein, structured property finance originator at Investec, added: “The residential sector, both for sale and rent, has demonstrated its resilience over the past 12 months and is a high conviction sector for us in 2021.
“It’s great to be starting the new year funding this unique project. We were once again able to demonstrate our ability to provide flexible financing solutions on challenging sites.
“This is our first loan with Blue Coast Capital and RER, who both have significant expertise in the real estate sector, and we look forward to working with them again in the future.”