CapitalRise has provided financing for new luxury rooftop flats in Sloane Court East, Chelsea. The loan will enable rooftop development, adding two storeys to the building which is currently six storeys high.
Leading prime property finance firm CapitalRise has originated a new loan for the airspace development of four new luxury rooftop flats in Sloane Court East, Chelsea. The developer Echlin specializes in residential real estate in the prime London regions, and Voltaire Financial, which brokered this project, is a real estate advisory firm with expertise across both equity & debt capital.
CapitalRise points to the demand for homes and the utilization of innovative construction strategies enabling new housing in a city that is already constrained.
CapitalRise reports that searches for ‘airspace development’ in London have increased by 125% between January 2022 and January 2023.
Lee Francis, Lending Director at CapitalRise, said the closing of the airspace project in Sloane Court East is am achievement for CapitalRise.
“As a lender founded by developers, CapitalRise is in an excellent position to understand and underwrite specialist projects such as these. We are a proud member of the Association of Rooftop and Airspace Development (ARAD) and are excited to support further airspace projects that elevate London’s housing stock.”
Dorothée Dembiermont, Partner at Voltaire Financial dinancing rooftop projects is a complex process and it is particularly important to work alongside an experienced and high-quality developer.
“This is the second rooftop development project that Voltaire has completed with Echlin. Thanks to strong collaboration between all parties, we were able to successfully overcome the different challenges and achieve the funding amidst a problematic marketplace.”
CapitalRise is a prime property finance company that has originated loans against over £0.74bn of prime property assets allowing individual investors to participate in the asset class.
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