North Wind Capital finances 41 Upper Grosvenor Street pre-development works with Banor Capital mezzanine loan 

North Wind Capital finances 41 Upper Grosvenor Street pre-development works with Banor Capital mezzanine loan

London – July 2024:  North Wind Capital (“NWC”), the UK-based asset manager with a European presence, has secured a £10 million mezzanine loan from Banor Capital’s Special Situations Fund II, a regulated fund manager headquartered in Italy. The facility will finance pre-development works for 41 Upper Grosvenor Street, a prime property in the heart of Mayfair, adjacent to Grosvenor Square.

NWC took vacant possession of 41 Upper Grosvenor Street for circa £35 million in March 2024. The 18-month Banor Capital mezzanine facility is cross-collateralised with Reeves Mews car park, which NWC acquired last year. The proceeds will fund pre-development costs throughout the planning phase, including finalising design and layout ahead of redevelopment.

NWC submitted a full planning application in December 2024, proposing the transformation of the former office property, previously leased to Schroders, into luxury residential apartments.

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NWC has appointed REDD Real Estate, the leading development manager in high-end London residential properties, to execute the redevelopment. MSMR, known for their luxury residential design expertise, are the scheme architects, and HBA Interiors are the designated interior designers.

Ben Williams, CEO of North Wind Capital, commented: “We are grateful to Banor Capital for their continued support. This facility is instrumental in unlocking the full potential of 41 Upper Grosvenor Street, allowing us to refine the design and planning strategy to deliver an exceptional residential offering in Mayfair.”

ENDS.