Advising a leading investment bank in respect of a loan facility of £5 million to assist with the acquisition and permitted development conversion of redundant office space to residential flats in Yorkshire.
The transaction was complex as it involved a sub-sale of part, the grant of two long leases, the surrender of three commercial leases and two existing lenders. With each party instructing their own solicitor the lead partner was required to co-ordinate and manage the process to ensure that the lender’s security was perfected.
The transaction completed in the summer of 2015. Since completion the department has been instructed to deal with the introduction of a second lender and the review of a new planning consent for an enhanced residential development scheme.