Greystar Real Estate Partners has announced the close of a circa £600 mln (€716 mln) debt facility for the Bermondsey Project, a development that will provide 1,624 new homes for rent in South London.
The loan was secured from a consortium of four lenders: Standard Chartered Bank (SCB), First Abu Dhabi Bank (FAB), Oversea-Chinese Banking Corporation (OCBC), and Emirates NBD (ENBD).
Construction began earlier this year, with the first homes expected to be ready for occupation in the Autumn of 2025 and the whole scheme expected to be complete in the second half of 2027.
Mark Allnutt, executive director, Europe Investment Management Leader, Greystar said: 'This landmark development reinforces our commitment to delivering high-quality housing across all segments, from market-rent homes to social housing, while also creating new opportunities for businesses and the local community. We are pleased to have closed this debt facility and secured partnerships with leading contractors, who each bring unique expertise and a strong track record in delivering complex urban developments.'
Also this week, Greystar appointed three construction firms to deliver four key buildings as part of the Bermondsey Project.
The brownfield site, situated on a former biscuit factory, will be transformed to include retail, leisure, and office spaces, as well as extensive amenities for residents such as lounges, workspaces, gyms, private dining rooms, an indoor swimming pool, and expansive roof terraces. The development will also include 338 much-needed Social Rent homes to be constructed by an Aldar owned company, London Square and, once completed, owned and managed by Square Roots.
