The scheme will see MERA provide preferred equity alongside Nicholas King Homes, with senior debt coming from Paragon Development Finance.
The capital will be deployed into development and investment equity opportunities.
The 18-month bridging loan was agreed at 55% loan-to-value (LTV), supporting the purchase of an office building with two ground-floor retail units.
In his new role, Iannaccone will work closely with Mera’s origination and credit teams, supporting the stabilisation and management of the firm’s loan book.
Mera Investment Management has strengthened its leadership, naming Frank Pennal as non-executive chairman and adding two senior hires in origination and risk.
The funding will refinance an existing private banking loan and provide a facility to complete a high-specification refurbishment of the property.
Average loan size has grown to £9m, compared to £8m in 2024, with an average loan term of 18 months.
The research will focus on the rise of non-bank lending, the sectors it is affecting, and changes in underwriting standards.
The 18-month facility will allow the borrower time to complete sales and pre-lets across the site, which has attracted several large new occupiers.
Edward Matthews, CEO of Mera Investment Management, shares insights about the firm's approach to private credit and innovation in real estate lending.
The borrower, Elder, submitted plans to transform the property into 266 co-living units.
Mera has adjusted interest rates for loans of £20m+ and with a term of one year or more to start at just 0.85% per month.