London residential development finance: £137m case study

Acted as facility agent, security agent and draw monitor on a £137 million syndicated facility funding a £259 million residential development.

Sector: Commercial real estate

Location: United Kingdom

The client needed to fund a £259 million residential development in Walthamstow, London, involving the partial demolition of an existing shopping centre and the construction of two towers up to 34 and 27 stories. The scheme includes 538 residential units, comprising 495 Build to Rent homes and 43 private sale units, along with retail, food and beverage and flexible retail or community space on the lower floors. 

Mount Street was appointed as facility agent, security agent and draw monitor on a £137 million syndicated facility funding the project. As part of this role, Mount Street reviewed invoices and project monitor reports to ensure monthly drawdown requests aligned with the agreed budget, timescales and facility documentation. The team liaised with the borrower and the project monitor to challenge discrepancies and flagged any risk points for closer scrutiny before making recommendations to lenders on the release of funds. 

Mount Street’s involvement ensured that drawdown requests were accurately validated and aligned with project requirements, giving lenders clear oversight and consistent control throughout the construction phase.