Sirius partners with Miragon Investments to complete £15m development facility
Sirius Property Finance has partnered with Miragon Investments and Hilltop Credit Partners to secure the completion of a £15m development funding facility.
The loan will be used to develop a block of 100 one and two-bedroom apartments, with underground parking, in Cambridgeshire.
Propiteer Group is developing the scheme, which is part of the Riverside Generation Project in Fletton Quay.
The location is a brownfield site by the River Nene, in walking distance of Peterborough station.
Robert Heywood (pictured), senior associate at Sirius Property Finance, said: “This was an excellent example of a big team effort to secure the completion of a large deal in difficult circumstances.
“There were lots of different elements to this scheme which could have caused a problem, but the team at Miragon Investments, 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 Investments on funding more developments in the future.”
Frank Martinez, chief executive at Miragon Investments, 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 Property Finance and we hope that this marks the start of an ongoing and mutually beneficial relationship.”