Belgravia Gate Belgravia Gate, 11-15 Grosvenor Crescent

NEW YORK CITY—Having started only 15 months ago, Lotus Capital Partners closed a $237 million loan to Wainbridge for its Central London’s Belgravia Gate. The townhouse, converted into 12 ultra luxury condominiums in the city’s A-List Golden Postcode, is one of the most expensive condominium properties in the world when measured by average apartment unit value. The loan amounts to $27 million for each of the nine units that serve as the collateral. The financing will pay off the existing construction loan and cover carrying costs through the sale of the apartments.

In December 2013, Wainbridge purchased the structure originally built in 1867 from the Grosvenor Estate. The restoration preserves the white, Portland stone façade, suiting the neighborhood of Victorian architecture. The property touts contemporary living in an area rich in London’s history. However, it faces some challenges.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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