The development finance lender has agreed to provide a £40.2m senior development facility to support the residential scheme St Martin’s Place in Birmingham (pictured above).
It will also provide a £49.5m facility for a residential development in Bracknell, Berkshire.
At St Martin’s Place, SevenCapital will use the finance to build a 228-unit residential scheme, together with ground-floor retail, amenities and parking.
The scheme has a forecast GDV of £67m and planning consent in place, with the developer already owning the land, having built a 253-bed hotel at the front of the site.
- Urban Exposure provides £83m facility to support Luton residential scheme
- Urban Exposure secures £32.8m facility for JV
- Metro Bank provides £17.3m loan to support London real estate business
Randeesh Sandhu, CEO at Urban Exposure, commented: “St Martin’s Place is set in one of the UK’s fastest-growing and largest cities and will service a growing need for housing in the area.”
In Bracknell, SevenCapital will use the facility to fund the acquisition and development of the former bus station in the town centre.
The developer plans to build 242 apartments across two blocks, with 181 private residential units and 61 affordable housing units.
The site will also comprise 2,680 sq ft of offices and 184 car parking spaces.
The overall GDV of the development is expected to be £68m.
“The historic town of Bracknell has also undergone significant regeneration over the last 10 years, and this development will meet growing demand in the town,” added Randeesh.
“SevenCapital is a highly experienced developer with a long history of delivering quality projects in the Midlands and wider UK and we look forward to working with them now and in the future.”
Damien Siviter, director at SevenCapital, added: “At SevenCapital, we are committed to delivering every project we undertake to a very high standard and are proud to boast a strong track record of doing so.
“Urban Exposure proved a perfect fit for our St Martin’s Place scheme in Birmingham, with a strong track record of providing