This is the specialist lender’s first project with developer Heronslea, which is known for delivering single- and multi-unit residential projects of this type.
The funding will allow for the acquisition and development of the project, which will be set over a combined 14,000 sq ft of internal floor space.
Once complete, the four-storey property — independently valued at £12.1m — will include fully landscaped communal gardens.
Uma Rajah, co-founder and CEO at CapitalRise, said: “This high-quality development sits in CapitalRise’s sweet-spot, as we increasingly write bigger-ticket loans and attract leading professional developers who are drawn to our recognised expertise of the prime market coupled with our ability to provide quick and reliable finance tailored to their needs.
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“We’re delighted to be working in partnership with Heronslea, [which has] a solid reputation for building beautiful developments to the highest standard in this desirable Home Counties commuter town; we’re confident that this project will be yet another success.”
Jason Rishover, director at Heronslea Group, added: “In CapitalRise, we’ve found a lending partner that clearly understands our market and shares our vision for the exciting potential of our Radlett development, which we’re now looking forward to getting underway.
“The professionalism, experience and knowledge of CapitalRise’s team meant the entire process ran smoothly, despite working to tight deadlines.
“We look forward to building a strong relationship with CapitalRise on this and future projects.”