Specialist bridge lender GRE Finance has provided a £7.35m senior loan to private real estate business Aviv Comp Ltd, represented by property investment and development firm Elleric.
The loan has been secured against The Marlborough Building, an eight storey, 49,500 sqft vacant freehold building on a 0.6-acre site on Holloway Road in the London borough of Islington.
The building, which has been sold by the City and Islington College, is exceptionally well-located in central London, on the vibrant Holloway Road retail parade, close to the junction with Seven Sisters Road and a 10-minute walk to Holloway Road underground station on the Piccadilly line.
Currently registered as use class F1 (learning and non-residential), there is significant potential to increase the asset’s value with a change of use to either mixed-use commercial and residential, or office.
The senior loan of £7.35m is being provided by GRE Finance at a 70% LTV on an 18-month term.
Gil Levy, managing director at Elleric, said: “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.”
Daniel Benton, director and co-founder of GRE Finance, added: “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 their 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.”
GRE Finance was advised by Fladgate LLP.
