Arc & Co advises on £8.5m loan to redevelop historic site for housing

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  • 13/04/2021
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The Foxley Group has secured £8.5m in structured finance to redevelop an historic site in St Albans creating 13 homes.

 

The deal was introduced and advised by Arc & Co.

Paragon Development Finance led the finance facility with Apollo Capital providing mezzanine debt.

The developer has used the finance to purchase a grade II listed building and surrounding land at 103-105 St Peters Street, St Albans (pictured).

The building at 103 was designed by the architect of St Albans Town Hall, George Smith, and built in 1829. It will be converted into a five-bedroom house of 5,700 sq ft.

The adjacent building at 105 will become two, two-storey homes, one of four bedrooms at 2,549 sq ft and the other three bedrooms over 1,706 sq ft.

The buildings were occupied by an accountancy firm for 30 years until 2014 and have been vacant since then.

The developer will construct 10 new, three-storey mews houses of 1,348 to 1,466 sq ft, on what was previously a car park behind the building.

“We’re excited to restore this beautiful building back to its former glory and to provide new homes. The site has huge potential and is sure to be popular with purchasers who want a desirable location within commuting distance of London,” said Kevin Gregory, managing director at Foxley Group.

“Working with Paragon, Apollo Capital and Arc & Co., made the whole process seamless. They are all supportive organisations that fully understand the property development market and the needs of their customers,” Gregory said.

Adrian Reeves, relationship director at Paragon, added: “This redevelopment will result in spectacular homes in one of the UK’s most desirable places to live and will bring two striking buildings back to life.

“We enjoy a strong relationship with Foxley and are pleased to have been able to support them in this latest development.”

Lee Cory, partner at Apollo Capital, said: “The size and scope of this facility aligns with our appetite for funding new modern developments in key cities that are growing economically.”

Julian King, asset finance adviser, structured finance at Arc & Co., added: “We’re proud to have been pivotal in working with Foxley Group, advising on their corporate debt strategy and arranging bespoke funding solutions in the purchase of this flagship scheme.”

 

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