A consortium of investors led by Richard Caring is in the final stages of completing a £330m debt deal to refinance and fund the construction of a luxury London residential block.

As revealed by Property Week (news, 22.7.11) Deutsche Bank has led a debt consortium put together to refinance a £300m loan held by the Irish National Asset Management Agency and secured against the former US Navy headquarters in Grosvenor Square.

Three senior lenders – Deutsche, Royal Bank of Scotland and United Overseas Bank of Singapore – have provided £230m of debt to refinance NAMA’s loan and provide construction finance for the project, which has planning permission for 41 luxury flats totalling more than 100,000 sq ft.

LaSalle Investment Management and hedge fund SAFANAD have provided a combined £100m of junior funding.

The original loan was provided by Irish Nationwide Bank, which has now been nationalised.  It was then taken over by NAMA, the body set up to buy property development loans from Irish banks.

It is understood that the loan will be refinanced at a small discount to its par value.