The Mishcon team acted for Get Living PLC on the £187m refinancing of the existing senior and mezzanine development financing provided by Homes and Communities Agency and Qatar National Bank/Al Khalij Commercial Bank respectively. This was in respect of the N08 plot of land at East Village, now known as Victory Plaza and comprising of 482 build-to-rent residential units and some commercial units, completing on 4 November 2019.
The financing was arranged by PRS Operations Limited, who manage the Government scheme announced in September 2012, and offers up to £10 billion of debt guarantees to support the development of new housing. The financing that was made available to our client was financed under this scheme by the issue of government guaranteed bonds.
The Mishcon team consisted of Real Estate Finance Partner Raji Bartlett, Managing Associate Katie Lister and Paralegal Harriet Tynan, Real Estate Partner Stephen Hughes and Associate Tom Middleton with Construction advice from Associate James Brownlie.