Topland backs uber-prime residential play on 'Billionaire’s Row'
Topland has provided a GBP36m senior debt bridging piece to LJ Group to enable planning to be sought for five-acre site on the ultra-exclusive Bishops Avenue, N2.
Bishops Avenue, once known as Millionaires’ Row could now more realistically be called Billionaires’ Row because of occupiers like the House of Saud and the President of Kazakhstan.
To date Topland, one of the largest privately owned international investment groups, has completed close to 50 loans in excess of GBP300m. In the third quarter of this year alone, the firm deployed GBP100m 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.
LJ Group is an independent, privately held multi-family office providing family office, investment advisory, merchant banking, trust and fiduciary services, to individuals, family offices and foundations. LJ Capital is the merchant banking arm of the group making direct investments in alternative assets classes primarily in real estate and private equity.
LJ Capital’s opportunistic LJ Special Situations Fund A exchanged on the off-market deal in just 48 hours to acquire the five-acre site made up of six plots and 10 existing properties.
LJ has retained boutique design-and-build company Harrison Varma as the planning and development partner.
LJ was advised by Summit Property Advisors, Charles Russell and Brown Rudnick.
Topland Group chairman Sol Zakay says: “Topland always seeks to back the best in class. LJ Group has proved itself to be a very savvy investor and this opportunity is potentially one of the best prospects currently available in the prime London residential property market.”
Andrew Williams, chief executive of LJ Group, says: “We particularly enjoyed working with Topland on this acquisition. Its ability to move very quickly was paramount in enabling us to complete the transaction.”