Arc & Co. are pleased to announce the completion of a £27.m development loan with Burrington Estates
Deal Highlights:
Lender: Octopus RE
Client: Burrington Estates
Senior Loan: £27,275,000
Security: over 4 office buildings totalling 170,000 sqft
The facility with Octopus RE is to provide a refinance of existing debt and fund the capital expenditure works on four office buildings, totalling 170,000 sq ft on the outskirts of Exeter.
The deal was under tight time constraints, with two of offices having leases agreed and due to start in the new year. Ensuring the funding was in place before the next drawdown was key to meeting the tight deadlines on completing the work. With an existing relationship with Octopus, Arc & Co. were able to secure a competitive solution to ensure funding was provided to meet the client’s overall strategy to deliver two new office buildings on the site.
Cameron Hayes, Asset Finance Advisor at Arc & Co. says, “Octopus and Burrington were both a pleasure to work with. All parties were very cooperative and worked with speed to deliver this on time.“
Matthew Bennett, Commercial Managing Director at Burrington Estates says, “It was the first time working with Arc & Co and they were excellent in helping us deliver this within 8-weeks. We look forward to building the relationship with them as 2021/22 evolves.”
Over the last 18-months, Arc & Co. have been consistent in providing structured financing solutions for our clients. Despite more lenders entering the market on a regular basis, we remain true to providing clear and straightforward advice on funding, with the client’s wider strategy in mind.
If you have an opportunity that you would like to discuss, please get in touch with Cameron Hayes at Arc & Co.
Cameron@arcandco.com
07896709177