London, England, October 4, 2016 – Cain Hoy Enterprises, LLC (“Cain Hoy”) has provided a £78 million loan to residential developer Lodha UK, in one of the largest structured debt financings following the Brexit vote.
The loan is secured against Lodha’s site on London’s 48 Carey Street, which has planning permission for the development of 202 apartments. The development, known as Lincoln Square, is located in London’s legal heartland, opposite the Royal Courts of Justice and adjacent to Lincoln’s Inn and the London School of Economics.
Lodha UK has completed demolition at the site and the loan will enable construction of the foundations to commence. Sales have already commenced with the first phase almost fully sold.
John Cole, Managing Director of Cain Hoy, said: “This deal reinforces our position as one of the most active players in the UK property finance market and highlights our continued confidence in London, which retains its global appeal in spite of the Brexit vote. We are delighted to support Lodha Group, which is a major international business, by facilitating its development of this prime site to create exceptional central London homes.”
Ab Shome, Director of Finance for Lodha UK, said: “Pre-sales of Lincoln Square have been exceptionally strong and we are delighted to be taking the project forward to the next phase of development. Cain Hoy has an outstanding reputation in the lending market and a deep understanding of development. As we look to grow our business in the UK it is important for us to build long term relationships with high quality lenders. We found the Cain Hoy team pragmatic and professional in their approach and hope to continue to work with them for many years to come.”