Cain Hoy to fund PCL scheme with £78m mega-loan

US investor to fund construction of Lodha UK's 202-unit Lincoln Square project

Cain Hoy, the US investment firm that snapped up an entire block on Mayfair’s South Audley Street earlier this year, is stumping up a whopping loan to fund Lodha UK’s new prime resi scheme in Holborn.

In what’s being taken as a very good signal for the capital’s development market, Cain Hoy has agreed to front the developer £78m to fund the construction of its 202-unit Lincoln Square scheme.

The UK arm of the Mumbai-based mega-developer launched the project in May and is working towards a 2018 completion date. Nestled between the LSE and King’s College and opposite the Royal Courts of Justice, it’s delivering a range of one- to four-bed units, starting at 895k, with amenities including a pool, library, gym and cinema. Apparently the first phase has almost sold out.

Cain Hoy MD John Cole said: “This deal highlights our continued confidence in London, which retains its global appeal in spite of the Brexit vote. We are delighted to support Lodha Group, which is a major international business, by facilitating its development of this prime site to create exceptional central London homes.”

Lodha UK announced the appointment of Ab Shome as director of finance just yesterday. He added: “Pre-sales of Lincoln Square have been exceptionally strong and we are delighted to be taking the project forward to the next phase of development.”

Image: Lodha UK