Alpha Property Lending Provides £30.5m Facility On The Grand Exchange
Leading UK developer SevenCapital has secured a £30.5 million investment finance facility from specialist lender, Alpha Property Lending for its central Bracknell development, The Grand Exchange. The funding will assist SevenCapital in the sale process of the recently completed scheme.
Already more than 75% sold prior to completion, sales have remained strong since completion on this groundbreaking new development in the heart of the Berkshire town. Featuring a total of 242 high quality studios, one- and two- bedroom apartments, The Grand Exchange is unique amongst residential developments in the area, offering a host of resident-only amenities, including a gym, garden room, shared workspace and bookable dining and treatment rooms.
Located off Market Street, the development is ideally placed just minutes’ walk from both The Lexicon Shopping centre and Bracknell train station, with key amenities and an abundance of green parkland also within easy walking distance.
Mert Zabci, Head of Commercial Lending at Alpha Property Lending, commented: “It has been a great experience to work with the team at SevenCapital who have been transparent and commercial throughout. The significant number of sales already achieved at The Grand Exchange within a few weeks of practical completion is testament to the strength of the scheme, allowing affordable, high-quality units, allowing access to London in just over an hour. We look forward to working with SevenCapital on this scheme and others.”
Damien Siviter, Group Managing Director at SevenCapital, added: “We’re pleased to enter into this funding agreement with Alpha Property Lending. The development has proven incredibly popular so far due to its excellent offering and location and this facility will provide much needed assistance in realising this project to its fullest potential now it has reached practical completion. We look forward to a positive and rewarding partnership with Alpha Property Lending both now and in the future.”