A recently completed build-to-rent scheme located in the heart of Glasgow has been refinanced following a £14.4m loan from Secure Trust Bank (STB) Real Estate Finance.
The three-year residential property investment loan has been provided to Maven Capital Partners, a leading private equity firm. It was used to refinance an external development facility at Dalian, a former office building converted into 92 apartments. Just a mile away from Glasgow Central train station, the development is conveniently located in Scotland’s most populated city.
Completing in late December, only six weeks on from credit approval, this is the bank’s second deal with Maven Capital Partners, having funded the development of a 159-bed purpose-built student accommodation (PBSA) scheme in Stirling in 2020.
The deal was led by Daniel Thornton, Relationship Director at STB Real Estate Finance, with the support of Joe Hora, Relationship Support Manager.
Paul Johnston, Partner at Maven Capital Partners, said: “Following completion of Dalian in late 2024 we are delighted that the property has let extremely well, and that STB was able to complete the refinance so quickly. We look forward to working together over the next three years.”
Daniel said: “It was a pleasure to work with Maven Capital Partners on this transaction. Over the past six years, STB has been able to build a strong working relationship with Maven that is mutually beneficial to both parties.
“With the deal occurring during what was certainly a busy end to the year, a quick turnaround was simply non-negotiable. This was made possible thanks to the hard work of our experienced property finance professionals alongside a constant dialogue with Paul and his team.”
With 10 regional offices located across the country, Maven Capital Partners has invested over £920m in UK businesses since 2009. Acting on behalf of the bank for this property loan was solicitors Addleshaw Goddard.
Discover more about Secure Trust Bank Real Estate Finance or its dedicated residential property investment landing page.
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