Cheyne Capital and Crosstree Real Estate Partners have provided funding for a residential real estate development. The development is being managed by special purpose vehicle Harcourt Investments, according to a company announcement.
The financing as a whole represent a £120 million (€140 million; $155 million) deal. The senior portion of the debt, being provided by Cheyne, represents £85 million. Crosstree is providing the mezzanine financing with a loan of £35 million.
The financing is being used for the redevelopment of London-based Edwardian mansion block Harcourt House. The property was acquired for £75 million in 2013. When the development is complete it will comprise 25 luxury apartments.
The development is being managed for Harcourt Investments by private property manager Centreland. Knight Frank served as the financing agent for the deal.
A spokeswoman for Cheyne did not return calls seeking comment beyond the company announcement by time of publication.