The transaction
In July 2020, ASK provided a £25.5m development exit loan to real estate investment firm Meadow Partners, secured against a development in London’s Maida Vale known as “The Brick”. Following successful sales to pay down this facility, ASK provided a new £14.9m facility in January 2022, secured against the remaining 26 units at the development.
Property details
The development, known as “The Brick” is situated on Woodfield Road in the south of Maida Vale, an affluent residential district west of St. John’s Wood and north of Paddington. The area is mostly residential with a wide selection of cafes and bars and Portobello Road market and Little Venice which attract high earning young professionals.
This is a well-designed, high-specification, prime development. The building offers a concierge service, a private roof terrace for residents and 3m ceiling heights which add significantly to the feeling of space. Many of the units have panoramic views and overlook the Grand Union canal.
Rationale
“The Brick” has played a significant part in the regeneration of W9 which includes the nearby Grand Union ‘canal-side’ lifestyle. Paddington has recently attracted Microsoft and Vodafone to the area and sales on this development and other nearby residential offerings have been strong.
ASK is well acquainted with Meadow Partners, a private real estate investment firm with offices in London and New York and a diverse portfolio of more than $5 billion of real estate assets. Having lent against this asset before, ASK was delighted to continue to support Meadow Partners in its exit from this development.
Contact
For more information on other transactions or similar facilities please get in touch with Elliot Blatt.
