Mortimer Street Capital arranges £3.6 million Cambridge refurbishment facility with London Credit

Mortimer Street Capital has successfully arranged a £3.6 million commercial refurbishment facility with specialist lender London Credit to support the redevelopment of a commercial site within the Cambridge innovation corridor.

The funding facility will enable the refurbishment and repositioning of an existing commercial asset into high-specification office and Med-Tech accommodation, targeting the continued demand for innovation-led workspace across the South Cambridgeshire market.

The development forms part of a wider mixed-use scheme located within the established “Southern Cluster” surrounding Cambridge, an area recognised as one of the UK’s strongest-performing science, technology and innovation markets.

The location has sustained occupier demand for fitted commercial and R&D space, supported by proximity to major science and biomedical campuses, strong transport connectivity and ongoing investment into the region’s innovation ecosystem.

The scheme comprises the redevelopment of an existing office and light-industrial building into approximately 20,000 sq ft of modern office and Med-Tech accommodation, designed to meet institutional-grade ESG and occupier requirements. Future planned improvements include over-cladding works, upgraded thermal performance, fully electric services infrastructure and a target BREEAM “Excellent” rating.

The facility was structured to provide flexibility during the early refurbishment phase, while the developer secures a tenant and fitout specification.

Mortimer Street Capital acted as funding advisor throughout the transaction, sourcing and structuring the facility on behalf of the borrower.

Comments

Justin Trowse, managing director for Mortimer Street Capital, said:

“This transaction demonstrates the continued appetite from specialist lenders to support well-positioned redevelopment opportunities. The borrower presented a strong development plan focused on delivering high-quality office and Med-Tech space in a supply-constrained location, and London Credit understood and moved quickly to structure a competitive facility.”

The facility was structured to provide flexibility during the early refurbishment phase, while the developer secures a tenant and fitout specification.

Mortimer Street Capital acted as funding advisor throughout the transaction, sourcing and structuring the facility on behalf of the borrower.

Marios Theophanous, credit manager at London Credit, said:

“This case is a great example of the rise in mixed-use refurbishment projects, as investors look to improve existing assets, enhance income potential and bring underutilised space back into productive use.

“It also demonstrates what can be achieved when lenders and brokers work closely together. By collaborating from the outset, we were able to understand the asset, the borrower’s plan and exit strategy, and then to structure a funding solution that gave the client the confidence to move the project forward.”