Fortwell funds £11.5m East Dulwich development
Fortwell Capital has provided a £11.5m facility to fund a residential development in East Dulwich, London with Prime City Developments.
Fortwell Capital, formerly known as Omni Capital, funded the acquisition of a light industrial unit spanning 19,289 square feet which comprises of 22 units, basement parking and landscaping.
The gross development value (GDV) of the finished site is estimated at £15.6m, yielding a loan-to-GDV of 73%. Fortwell funded all the costs and completion of the development is scheduled for summer 2017.
This is the third major collaboration between Fortwell Capital and Prime City Developments.
Colin Sanders, chief executive of Fortwell Capital, said: “Prime City Developments have a sharp and practised eye for residential development.
“They understand their territory and see potential others do not. To us, they epitomise the type of precise, experienced developer with whom we like to work, and, like us, continue to see favourable opportunities in both prime and peripheral London.”
Previous collaborations between the pair included residential schemes at Alpha House, Dalston, and Hogarth Views, Chiswick.
Michael Magee, director of Prime City Developments, said: “Fortwell once again showed us their commitment to the residential market in London and, again, we put them under significant pressure to complete the transaction in very tight timescales.
“Prime City and Earlplace, our JV partners on this project, believe areas like East Dulwich offer buyers great benefits, namely the demand for value for money and education. Prime City continue to look for opportunities in these areas to build on our success in the past for delivering high-quality affordable homes in the Capital.”