ASK Partners has provided a senior loan facility to the joint venture between residential property development company HUB, and global investment firm, H.I.G. Capital, secured against a 1.2-acre development site in central London.
The site is the final parcel of undeveloped land on the Elephant Park masterplan site at Elephant and Castle and benefits from outline planning permission for a residential development.
The JV plans to seek permission for a residential-led scheme of significant scale including shared-living homes, affordable homes, new public realm, ground floor retail provision and a health hub.
Elliot Blatt, Head of Origination at ASK, said:
“We are delighted to be working with HUB and H.I.G. again, their strategy very much resonates with our underwriting approach. Having bought the site for £42m, potentially under market value, the JV has injected significant equity into the project putting ASK’s loan at a sensible loan to value. The partnership has a strong track record and this is an excellent development site. It is a great option for a residential-led strategy given the area’s strong transport links and the considerable inward investment into its housing, retail and public realm supply over the last 10-15 years to transform it into a desirable hub for living."
