Matthew Yassin, Director from the structured finance team at Arc & Co. has successfully secured a £11.5m loan with Interbay Commercial on mixed use office space in Lambeth. The purpose of the loan was equity release to cover costs incurred by improving the environmental standards of the building through installation of solar panel and a water harvesting system.
Interbay Commercial worked as the senior lender to provide a whole loan solution for the client at 87% against vacant possession value and 71% against investment value. The loan is a 10-year committed term with a fixed rate for the first 3 years that gives flexibility to the client.
Matthew Yassin, director for structured finance at Arc & Co (pictured above), said: “It’s extremely satisfying to be able to provide liquidity to support this ESG initiative, which has now become much more mainstream, as people are becoming more aware of the environmental impact that property has on its surroundings.”
The office space is an important part of Lambeth’s industrial heritage as it was the main factory for JA Sharwood & Co Ltd - a business that thrived locally and continued to thrive first with Rank Hovis McDougall and then Premier Foods. The site consists of 16 media offices, with a canteen, auditorium and studio space.