Adams & Remers acted for Coast To Capital Local Enterprise Partnership (LEP) in relation to a £5m+ loan to enable land located in the New England Quarter, Brighton, to be acquired and to fund the construction of office space.
The aim of Coast To Capital is to provide funding to “unlock” infrastructure projects that have stalled due to the current economic climate. This project ticked all the right boxes for Coast To Capital, so they were happy to lend the funds subject to the terms being documented and adequate security being provided. This had to be done in a very short period of time as the developer only had a firm long-stop date to complete the purchase of the land.
The Corporate & Commercial team at Adams & Remers drafted the facility and security documentation to enable the loan to be made.
Steve Mead, Chartered Legal Executive at Adams & Remers, undertook a substantial amount of due diligence in respect of the property that was being acquired.
The project to construct office space and a hotel has been “unlocked” and will enable the area around the station to be visually improved.
Adams & Remers negotiated and completed the deal in a very short timescale – 8 days. Not only does the investment from Coast To Capital lead to the creation of new jobs, but it helps to kick-start an area of Brighton that urgently needs development.
The BBC has featured news about this transaction on their website (though note that the funding to construct the hotel referred to in the BBC article is not being provided by Coast To Capital).
Douglas Stewart, Associate Corporate & Commercial at Adams & Remers says “This is the first investment that Coast To Capital have concluded, and we are proud to have been associated with it.”