Secure Trust Bank Real Estate Finance has provided a £3.7 million refinance for property investor Prime Cities, secured against seven apartments at Embassy Gardens in Nine Elms, south London.
The residential investment facility was agreed at 55% loan-to-value and extends the investor’s hold on the portfolio for a further three years. Prime Cities originally acquired the two-bedroom properties at Embassy Gardens in late 2023.
The variable-rate structure supports the final stage of the investor’s strategy, providing a runway to begin disposing of the assets and fund its next acquisition.
Investor strategy
James Reeves, relationship manager at STB Real Estate Finance, said: “This refinancing demonstrates the strength of both the asset and our longstanding relationship with the Prime Cities team. Our aim was to structure the right product for Prime Cities and its investment strategy here in the UK.”
He added that Embassy Gardens is located in an area that continues to benefit from investment and demand, with the portfolio remaining in constant demand from prospective tenants since acquisition.
Doron Segev, part of the Prime Cities management team, said the relationship with the bank had been a factor in the decision. “Secure Trust Bank has proven to be a reliable funding partner in recent years,” he said. “James and the team have a deep understanding of our business, the asset class and the wider residential investment market, which made the refinancing process extremely straightforward.”
Reeves led the deal alongside the borrower’s management team of Segev and Barak Moser, having worked with the pair across Prime Cities’ first two UK real estate acquisitions over the past three years.
Nine Elms development
Embassy Gardens sits within the Nine Elms regeneration zone, adjacent to the US Embassy. The development comprises several apartment buildings, two of which are connected by a 25-metre sky pool and private courtyard. Residents have access to a bar and restaurant, meeting rooms, a private cinema and two fitness suites.
The refinancing comes as landlord eviction claims rose 6% before new legislation, reflecting broader shifts in the buy-to-let market. Meanwhile, recent data shows that overpricing properties extends sales times, highlighting the importance of accurate valuations in the current market.
The deal represents the latest in a series of refinancing transactions in London’s residential investment sector, as investors seek to optimise their portfolios amid changing market conditions.
