The redevelopment aims to transform the building into 28 high-end, short-term let apartments.

The deal was originated by Katy Katani, director at CapitalRise (pictured above), and introduced by Vedrana Riley, founder and CEO at Ciel Capital, marking the first collaboration between the two firms.

This is also the first time CapitalRise has provided finance for a serviced apartment project of this nature.

Upon completion, the serviced apartments will be available for short-term stays of up to 90 days, catering to a growing demand for premium short-term accommodation in London.

This deal follows the news of CapitalRise securing a £20m funding line increase after reaching the £400m milestone for cumulative originations last year.

•   The Finance Professional Show 2024: The Video
•   CapitalRise secures £20m funding line increase
•   CapitalRise closes £6.2m loan for Bucks development

Commenting on the deal, Katy said: “It has been a pleasure working with Vedrana Riley, her team and our borrower on this significant project.

“We are excited to see the transformation of this historic building and look forward to our ongoing partnership with both Ciel Capital and the borrower.”

Vedrana commented: “We’re delighted to be part of this exciting adaptive reuse scheme, which will be offering a high-quality alternative to traditional hotel and residential accommodation.

“It has been refreshing to be working with Katy Katani and her team at CapitalRise who made the time to understand this unique product offering in a Prime Central London location.

“We look forward to many more deals together.”