The lender provided a gross facility of £11.5m to fund the acquisition of a light industrial unit in East Dulwich for the construction of a residential scheme which will consist of 22 units, basement parking and landscaping.
The gross development value (GDV) of the completed site is estimated to be worth £15.6m, yielding a loan-to-GDV of 73% with Fortwell funding 100% of costs.
Colin Sanders, CEO of Fortwell Capital, said Prime City had a sharp and practised eye for residential development.
“They understand their territory and see potential others do not.”
“To us, they epitomise the type of precise, experienced developer with whom we like to work, and, like us, continue to see favourable opportunities in both prime and peripheral London."
Fortwell and Prime City have previously worked on schemes at Alpha House in Dalston and Hogarth Views in Chiswick.
Michael Magee, Director of Prime City Developments, said once again Fortwell had shown its commitment to London’s residential market.
“…Again, we put them under significant pressure to complete the transaction in very tight timescales.
"Prime City and Earlplace, our joint venture partners on this project, believe areas like East Dulwich offer buyers great benefits, namely the demand for value for money and education.
“Prime City [continues] to look for opportunities in these areas to build on our success in the past for delivering high-quality affordable homes in the capital."
The East Dulwich project is due to be completed by summer 2017.
Leave a comment