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http://www.propertyweek.com/finance/lone-star-secures-%C2%A3133m-loan-for-elephant-and-castle-development/5078155.article

10/12/2015

Lone Star secures £133m loan for Elephant & Castle development

Lone Star has secured a £133m development finance facility from Lloyds Bank and Wells Fargo its Two Fifty One scheme in Elephant & Castle.

Elephant&Castle

Consisting of a 41-storey residential tower and a six story office building, the development represents Lone Star’s first direct investment in London. 

The scheme, located 50 metres from Elephant & Castle tube station, will provide 335 residential units and is due to complete in late 2017.

Robert Maddox, senior vice president, Wells Fargo UK commercial real estate said: “We are excited to support their first investment in direct development in London.”

Madeleine McDougall, head of institutional clients, Lloyds Bank Commercial Real Estate, added: “Elephant & Castle is an area with enormous yet untapped potential and we feel that Two Fifty One will help to unlock some of that. This transformative scheme will act as a catalyst for major regeneration.”



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