Blake Morgan advises Manhattan Loft Corporation on refinancing of iconic development
Leading UK law firm Blake Morgan has advised Manhattan Loft Corporation on the refinancing of its flagship Manhattan Loft Gardens development in Stratford, east London. Manhattan Loft Gardens is a landmark mixed-use scheme comprising 248 individually-designed loft apartments, three rooftop gardens, two restaurants, three bars and a five-star design hotel, The Stratford, and is widely recognised as one of east London’s most distinctive assets.
The refinancing was delivered through two interconnected transactions: a financing provided by NatWest in respect of the loft apartments, and a separate hotel financing facility provided by Virgin Money in respect of The Stratford. Together, these facilities provide a coordinated capital solution across the whole asset.
A multi-disciplinary team at Blake Morgan advised Manhattan Loft Corporation throughout the transaction. The Banking and Finance team was led by Partners Simon Owen and Dan Webster, supported by Senior Associate Harry Taylor, while the Real Estate team was led by Partner Elizabeth Covil and Legal Director Alison Westbrook. The team worked closely with Manhattan Loft Corporation to develop bespoke intercreditor and structural arrangements to align the residential and hotel elements of the scheme and coordinate the simultaneous completion of both financings. The transaction required close collaboration across a number of specialist areas, with additional support from Blake Morgan’s commercial, tax and construction teams, reflecting the complexity of the asset.
Simon Owen, Partner at Blake Morgan, commented:
We were delighted to support Manhattan Loft Corporation on the refinancing of this iconic development. Delivering two linked financings across a mixed-use asset required careful structuring and a high level of coordination, and it is a great example of the strength of our cross-disciplinary offering. It has been a pleasure working with the Manhattan Loft team on this important transaction.
Lloyd Hunt, Finance Director at Manhattan Loft Corporation, added:
This refinancing was a complex and strategically important milestone for the business. Blake Morgan provided excellent support throughout and their ability to navigate the structural and intercreditor challenges was key to achieving a successful outcome.
Blake Morgan’s Banking and Finance team advise lenders, funders and borrowers on the full spectrum of banking and finance matters.
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