Construction of Helical Bar’s Barts Square scheme in central London has begun after it secured a £165m development facility with HSBC.
The funding will kick-start phase one of the scheme, which comprises 144 residential units, 4,000 sq ft of office, retail and restaurant space as well as public realm improvements.
The project is being developed in joint venture with The Baupost Group.
The loan will allow the team to refinance £35m of existing debt, also from HSBC, which is due to be repaid in March 2015.
The £165m credit facility is repayable in December 2019.
Helical Bar development executive Oliver Rippier said: “This new facility has enabled the joint venture to start on site and, with 50 apartments already sold out of the 88 initially released in phase one, we are confident the scheme will be a great success.”
Planning consent has been obtained for the redevelopment of 19 buildings in total, comprising 215 residential apartments, two office buildings of 202,000 sq ft and 23,500 sq ft, 21,800 sq ft of retail and restaurant use at ground floor as well as major public realm improvements.