Top end developer G&T has secured a £13.6m senior refinancing loan for its John Street scheme in the middle of Bloomsbury.
The 18 month package from international private equity outfit Quadrum Global replaces an initial £6.8m bridge from Omni Capital and sets the team up for an ambitious conversion of the 11,830 square foot site.
The former OLCI Construction Training centre near Gray’s Inn – which the firm bought for £9.45m back in August – will eventually be transformed into eight resi units, with seven carved out of the main four-storey neo-Georgian building, and another created on vacant land to the rear. Planners are expected to green light the scheme shortly.
Last year also saw G&T shell out £8.56m for the Clarendon Buildings site in Highbury and shift three ppsf record-breaking units in Islington to a single buyer. Over the past few months, it’s built up a development pipeline worth around £50m after embarking on an “aggressive acquisition strategy”.
Gal Adir, Partner at G&T: “We were a seeking a long term partner to help see us through the entire lifecycle of this project, right up to final completion. Quadrum Global’s uncompromised professional approach and experience in driving projects forward made them an ideal partner for us to work with.”
Thanasis Mikronis, Quadrum Global’s Director for UK acquisitions: “We are excited to back G&T’s vision to convert the property into its original use. We are expecting a further improvement in the residential local market of Bloomsbury and at this point in the cycle we view this deal as a continuation of one of our main strategies in investing in value-add propositions in Central London.”