Bayard Place

UTB, Iron Bridge and Pilot Fish fund £22m GDV luxury development

United Trust Bank (UTB), Iron Bridge Finance and Pilot Fish have funded a £22m GDV development in Peterborough city centre.

Pilot Fish sourced senior, mezzanine and equity for the transformation of Bayard Place, which will feature 102 luxury apartments (pictured above).

UTB provided the senior debt of £11.1m, while Iron Bridge provided the mezzanine of £2.7m.

Pilot Fish also part funded the equity via its Investors Club (a private investment platform for HNWIs).

“We approached UTB and Iron Bridge because we know that they have the appetite and ability to deliver deals of this size at market competitive rates,” said Richard Jones, managing director at Pilot Fish.

“They worked in collaboration with the client, each other and us [the broker] to deliver the deal on time and in line with the initial terms offered.”

Martin Gilsenan, managing director of sales at Iron Bridge Finance, added: “This is an innovative and exciting development and it was a pleasure to be involved in this transaction.

“The professionalism and the strong relationships between all parties was first class and we look forward to further projects together.”

The case was completed in March, with the scheme expected to be completed by developers the Brightfield Group by March 2021.

“We have established strong relationships with all the teams and together we were able to structure funding which met the developer’s requirements,” said Luke Benton-Drury, senior manager of property development at UTB.

“We look forward to working with Pilot Fish and Iron Bridge Finance again on future projects.”

Pilot Fish recently arranged a £250,000 revolving credit facility with lender Just Cash Flow PLC.

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