Atelier provides £7.3m loan for Lewisham apartment scheme
Development finance lender Atelier has provided a £7.3 million loan to fund the acquisition and construction of 17 apartments on a brownfield site in Lewisham, south-east London.
The transaction was structured at 67% loan-to-gross development value (LTGDV) over a 24-month term, covering both site acquisition and construction costs. Mantra Group, the debt advisory arm of BTG, advised on the deal.
Scheme details
The development will comprise 15 three-bedroom apartments and two two-bedroom apartments, targeting rental demand from commuters and professionals in the area.
The transaction marks Atelier’s second London deal in two weeks, following a £46.1 million facility for an office-to-residential conversion in Hammersmith. The activity comes as buy-to-let lending has shown signs of growth, though market observers have questioned the broader context of recent lending trends.
Transaction complexity
Tricia Martin, lending director at Atelier, said: “We are pleased to back this scheme, which is being delivered by highly experienced developers. The Mantra team were closely involved throughout, and we worked together to resolve unexpected challenges, including complexities in the final stages of the transaction.”
Nick Neophytou, managing director of Mantra Group, part of BTG, commented: “This transaction presented challenges that were new even to a team with many years of experience. Atelier were first class throughout, bringing a commercial approach and sound judgement to help us work through the complexities.”
The deal reflects continued appetite for residential development finance in London, particularly for brownfield sites, despite broader economic uncertainties affecting the property sector.
