Covent Garden

Type: Mezzanine loan – asset repositioning

Loan amount: £6.5m

Term: 3.5 years

Location: Covent Garden, London

Loan secured against a prime West End office building in Covent Garden measuring 20,000 sq ft. ASK’s facility was provided in conjunction with an institutional high street bank as part of a wider £24.5m debt facility to assist with the site acquisition and repositioning of the asset to a boutique hotel.

The client is a well-known hotel operator and achieved planning permission during the term for a change of use from offices to a c.130-bed hotel.

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