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 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.