International law firm Stephenson Harwood's real estate finance team has advised on the financing aspects of three key developments:
Deutsche Hypo and HSBC on £44 million financing of Crosstree's purchase of 43 – 48 Dover Street.
Stephenson Harwood LLP acted Deutsche Hypo and HSBC Bank plc in relation to the £44.25 million financing of the acquisition of 43-48 Dover Street by Dover Street Investments Unit Trust, an investment entity owned by an affiliate of Crosstree Real Estate Partners LLP.
Deutsche Hypo acted as Facility Agent and Security Trustee on the loan, as part of a club deal with HSBC Bank plc. This transaction is the second transaction involving such parties where Stephenson Harwood has acted for the lenders (the previous acquisition financing relating to 1 & 3 Berkeley Street and 69-73 Piccadilly, adjacent to the Dover Street property).
The Stephenson Harwood team was led by finance partner Neil Murray, assisted by Sean Crowley. Partner Paul Hayward-Surry led on property matters, assisted by Archie Campbell. The acquiring vehicle is a Jersey vehicle.
Commenting on the transaction, Neil Murray said: "We are very pleased to have been instructed again by Deutsche Hypo and HSBC in relation to a Crosstree financing, which is a testament to the strong relationship with both banks and to the continuing availability of bank funding for good quality projects."
Katrina Edge of Ogier acted for the Lenders on Jersey legal matters. Berwin Leighton Paisner LLP acted for the acquiring vehicle, with Bedell Cristin Jersey Partnership acting on Jersey legal matters.
Stephenson Harwood acted for Deutsche Postbank AG and HSBC Bank in a club deal in relation to a £54 million development financing at King’s Cross
Stephenson Harwood acted for Deutsche Postbank AG and HSBC Bank in a club deal in relation to the £54 million development financing.
The loan will be utilised by the Borrower to develop a mixed use residential and commercial site. Both banks funded an earlier development at the site in 2011, where presales are exceeding projections.
T1 (1-3 Canal Street) will comprise a new energy center and electrical substation, a 417 space multi-storey car park, a multi-use games area, residential development totaling 102 units (48 private ownership, 34 social housing and up to 20 intermediate affordable), retail units cafes, and bars together with new areas of adjacent public space.