Privately held property investor Topland, headed by Sol Zakay, has deployed 拢190 mln (鈧�224 mln) of the additional 拢200 mln it injected into its property lending business in February.
Privately held property investor Topland, headed by Sol Zakay, has deployed 拢190 mln (鈧�224 mln) of the additional 拢200 mln it injected into its property lending business in February.
The equity was spent by the end of the third quarter 2013 and Topland expects to exceed its forecast made earlier this year of deploying 拢200 mln by end-December.
In the third quarter of this year alone, the firm deployed 拢100 mln by means of a wide variety of funding structures including joint ventures, bridging loans, senior development loans and mezzanine finance with a focus on prime residential development.
To date, close to 50 loans in excess of 拢300 mln have been completed. The established book is now maturing with a number of redemptions having been, and set to be, made.
A notable transaction in the last quarter was a 拢36 mln bridging loan to a developer for a five-acre site on Bishops Avenue in London. Once known as 'Millionaires鈥� Row', it is now referred to as 'Billionaires Row' because of occupiers like the House of Saud and the president of Kazakhstan.
