The 70% LTV loan, agreed on an 18-month term, allowed the client to purchase The Marlborough Building from the City and Islington College.
The property — located on Holloway Road — is currently registered as use class F1 (learning and non-residential).
Fladgate LLP advised GRE Finance on this transaction.
- Emily Hollands and Beth Fisher discuss all things bridging
- GRE Finance completes £17m bridging loan with Arc & Co
- New bridging lender GRE Finance launches
Daniel Benton, co-founder and director at GRE Finance, said: “Elleric has an excellent track record for sourcing and delivering value-add projects in London and this is an exceptionally well-located site acquired by its client, Aviv Comp.
“Following our loan against Lupus House in Covent Garden in September last year, it was a pleasure to work with the Elleric team again on another acquisition.”
Gil Levy, managing director at Elleric, added: “We are delighted to have been able to secure financing for this acquisition with GRE.
“The building has great potential for value enhancement and we appreciated GRE’s commercial-led approach, understanding and support of our business plan.”
Leave a comment