Sirius Property Finance has partnered with Miragon Investments to secure the completion on a £15m development facility.
The loan will fund the development of a block of 100 one and two-bedroom apartments in Peterborough.
The scheme, which is part of the Riverside Generation Project in Fletton Quay, is a brownfield site by the River Nene and is being developed by the Propiteer Group.
Sirius worked in partnership with introducer, Miragon, and the lender, Hilltop Credit Partners, to secure a quick completion.
“This was an excellent example of a big team effort to secure the completion of a large deal in difficult circumstances,” commented Sirius senior associate, Robert Heywood.
“There were lots of different elements to this scheme which could have caused a problem, but the team at Miragon, the client and Hilltop Credit Partners were all fantastic and we all worked together in partnership to get it across the line, and in good time. I’m looking forward to working together with Miragon on funding more developments in the future.”
Miragon CEO, Frank Martinez, added: “We are really pleased with the outcome of this case. It was a potentially difficult scenario and the team at Sirius were able to secure funding without fuss and within a good timescale that exceeded the client’s expectations.
“We have now committed a debt pipeline of more than £50m to Sirius and we hope that this marks the start of an ongoing and mutually beneficial relationship.”
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