Cornerstone strikes first UK lending deal

Cornerstone Real Estate Advisers made its first real estate lending transaction in the UK since partnering up with Laxfield Capital, a London-based firm started by former GE Capital professionals earlier this year. The Hartford, Connecticut real estate investment manager lent £83 million to Derwent London, a public property company, against two prime central London assets valued at £172 million. Cornerstone said it was providing the borrower with a new 12-year, fixed-rate facility secured against a 147,000-square-foot office at 2-8 Fitzroy Street in London’s West End and a multi-tenanted block fronting Tottenham Court Road, Warren Street and Grafton Way.