A former office building in the heart of Milton Keynes, that has been transformed into a new 200-unit residential development, has been refinanced following a £35m residential investment loan from Secure Trust Bank (STB) Real Estate Finance
Located directly above Milton Keynes Central station, Station House is the result of a conversion of disused offices into 200 vibrant apartments across four floors.
Developed by New York and Bahamas-based real estate specialist, Gold Wynn Group, the scheme is one of the latest property developments in an area predicted to see one of the highest long-term growth rates among UK cities outside London. Having topped the UK Competitive Index for 2023, the development will provide much needed housing at a time when demand is on the rise.
The deal for the three-year residential investment loan, agreed at 59% loan to value (LTV), was led by Mike Feasey, Relationship Director at STB Real Estate Finance, alongside Matthew-Blaine Young, the bank’s Head of Origination. BBS Capital advised on and secured this facility for Gold Wynn, continuing its high level of activity in the refinancing space.
Mike Feasey commented: “It was a pleasure to be able to deliver this transaction on behalf of Secure Trust Bank and showcase many of the bank’s strengths. Our hands on approach and team ethos, coupled with a strong working relationship with our professional partners, ensured we were able to deliver on a complex transaction in a relatively short period of time. The success of this deal shows what it truly means to be a relationship-led bank and I look forward to building on this success with Gold Wynn over the years to come.”
Taking no longer than an hour to reach London from Milton Keynes Central station, the development is particularly ideal for commuters working, but not living, in the capital.
Ben Friedland, President of Gold Wynn’s US & UK real estate divisions, said: “We’re delighted to have now opened the doors to Station House’s 200 stylish apartments. Milton Keynes is a thriving area on the rise and Station House is proof of this. As experts in property finance, the tailored approach provided by STB ensured that we were able to seal the deal against the clock, proving it to be one of the quickest refinances we have been involved in.”
The bank’s longstanding relationship with BBS Capital, was crucial to completing the process within an allotted timeframe of three months, with it taking just six weeks from sanction to drawdown.
Mark Geraghty, Director at BBS Capital said: “BBS Capital is pleased to have supported Gold Wynn on this key refinancing and build on its relationship with Secure Trust Bank. This was a notable transaction in the office-to-residential conversion space, demonstrating good liquidity in the marketplace for quality assets with robust business plans and credible sponsorship. The structured finance was arranged and executed over a short timeframe despite current market conditions, which is testament to all parties involved.”
Matthew-Blaine Young added: “It was a pleasure to work alongside BBS Capital once again; this deal is the latest of several success stories we have achieved together. As a result, BBS Capital was confident of our ability to provide the necessary property investment finance and deliver on a significant deal associated with unique challenges.”
Acting on behalf of the bank for this property finance loan was solicitors Shepherd & Wedderburn, while BNP Paribas was the appointed valuer for the deal. Both parties played a vital part in organising the deal, alongside Secure Trust Bank’s experienced Relationship Support Specialist, Julie Percy.
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