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Avamore and Crystal close £13m development

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Avamore Capital and Crystal Specialist Finance (CSF) have completed a £13m loan against a property in St John’s Wood, which will form nine luxury apartments.

 

Avamore structured the loan to include a £600,000 release of capital against some of the existing works which had not been funded by the previous lender.

In addition, Avamore utilised the existing appointed professionals to give the borrower greater certainty around expected outcomes.

Andreas Yianni, relationship manager at Avamore, said: “I’m delighted that we have once again proven to be the go-to lender for part-completed developments.

“I’m proud to be part of a team talented enough to complete deals as complex as this.

“I’m also grateful that Crystal have once again put their trust in us to get the job done.”

Adam Tauber, development finance specialist at Crystal Specialist Finance, added: “We are thrilled that our fast and effective collaboration on this milestone deal, and our mutual commitment to service excellence, has produced a stress-free and seamless outcome for the client.

“It’s a winning formula and we look forward to replicating it for other borrowers in the future.”

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