CapitalRise, the specialist lender for prime residential developers, announces that it has extended an £8.1million development loan to finance the construction of a purpose-built luxury 10-unit apartment scheme in Radlett.
On Monday, May 20, CapitalRise revealed its financial package will go towards funding the acquisition and development of the high-quality residential project, which will be set over a combined 14,000 sq ft of internal floor space.
Once complete, the four-storey Neo-Georgian style property, independently valued at £12.1million, will include generous underground parking, lift access to all floors and fully landscaped communal gardens.
Radlett itself is now regarded as one of the most prosperous places in Britain, with green belt protected countryside and commuter trains taking less than half an hour to reach central London.
In the last three years, CapitalRise has lent against over £300million of prime property assets in locations such as Mayfair, Knightsbridge and the Home Counties.
Uma Rajah, co-founder and CEO at CapitalRise, said: “This high-quality development sits in CapitalRise’s sweet-spot, as we increasingly write bigger ticket loans and attract leading professional developers who are drawn to our recognised expertise of the prime market coupled with our ability to provide quick and reliable finance tailored to their needs.”
Jason Rishover, director of Heronslea Group, which is working with CapitalRise on the project, added: “In CapitalRise we’ve found a lending partner that clearly understands our market and shares our vision for the exciting potential of our Radlett development, which we’re now looking forward to getting underway.”