Independent UK law firm Burges Salmon has advised a private banking and wealth management bank on its multi-million-pound loan facility to support the development of a 43-bed Bloomsbury townhouse boutique hotel in central London.
The financing will support real estate investor SAV Group as it undertakes the restoration, refurbishment and extension works of the grade II listed property in Bloomsbury.
Burges Salmon’s Banking and Finance team led on the transaction, with a team that included partner Katie Allen, senior associate Samir Younes and trainee solicitor Luke Parry-Billings. They were supported, on the real estate side, by director Will Hall and solicitor Helen Row, and on the construction side, by senior associate Christian Mulvihill and solicitor Elliott Hawes.
Katie Allen comments: “Our experience in advising lenders and borrowers in the Built Environment sector, and in particular our track record in high value hotel financing deals, mean we were well placed to guide our client through its significant loan facility to support the development of this prime asset at the heart of London.”
Burges Salmon’s Banking and Finance team handles complex financing transactions for clients on both a UK and cross-jurisdictional basis, acting for some of the world’s largest banks, building societies and over 50 financial institutions, alongside numerous PLCs and large corporate clients globally. The team is particularly active within the firm’s Built Environment sector group, providing strategic and practical legal advice on financing, and investing in, all forms of UK property. Notably, the firm recently advised on a £47 million loan to support the refinancing of a 127,000 sq. ft. BREEAM excellent-rated office asset in East London and a £69 million development loan to support the construction of the first Michigan Towers in Media City.