John Kerrigan, Director of Arc & Co. Structured Finance, has successfully advised the developer, Kteisus, on the acquisition and construction finance for the Astoria Cinema site in the heart of Brighton. The project has full planning consent for the demolition of the existing building to create a mixed use scheme comprising of 70 private residential units, a gym, TV room, ground floor commercial space and 72 cycle spaces.
To assist the purchase and subsequent development, Arc & Co. structured a facility in excess of £20m with an institutional development funder. This enables Ktesius to secure the site and deliver the development in 2019, forming a new mixed-use residential-led scheme which will bring vitality to the area.
John Kerrigan said: “Arc & Co. are proud to have supported Ktesius to achieve the purchase of this landmark development site in the centre of Brighton. We look forward to assisting them with their future funding requirements”.
Ken MacRae from Ktesius added: “John and the Arc & Co. team are extremely focussed and effective, and we will certainly engage them in the future to advise on debt structuring.”