Boutique real estate investment bank Lotus Capital Partners has arranged and closed a $237m (£170m) loan for the conversion of a row of townhouses converted into 12 ultra-luxury apartments in Belgravia, London.

Belgravia gate

Belgravia Gate

Belgravia Gate is among the most expensive condominium properties in the world when measured by average apartment unit value and the loan amounts to $27m for each of the nine units that are part of the collateral on the construction loan and carry the full condo conversion through sellout.

This financing marks a first UK deal for Lotus, which was founded last year by Faisal Ashraf. Last winter, Lotus arranged a $400m capital stack for Via Mizner, a 2m sq ft mixed-use project in Boca Raton in Florida’s largest debt financing of 2017.

“In arranging capital for this condo-inventory deal, Lotus demonstrated its capacity to solve meaningful challenges for sponsors seeking development financing,” said Ashraf, Lotus’ founder and chief executive.

In 2018, Lotus expects to close between $1.5 and $2bn in financing deals.