We were looking to double down on our staycation thesis and found a developer in St Ives, Cornwall who was looking for mezzanine debt in order to complete the development of 37 high-end apartments in the G7 resort of Carbis Bay. We immedetiary fell in love with the scheme which had stunning oceanview apartments above the beach in Cornwall. These ocean view apartments will be finished to the highest standards, using state of the art technology and industry-leading appliances. These homes combine classic elegance with the finest contemporary materials and are designed for first-class luxury living. Each unit has its own private gated parking and access to landscaped communal grounds.
Our JV partner had a historic relationship with their senior lender who wanted to quickly refinance the existing mezzanine provider who was experiencing cashflow issues due to the pandemic. Celeres were able to act swiftly and provide an 18 month debt facility so they could resume the development of the scheme.