Investec Structured Property Finance said on Monday that it has provided a joint venture between Henderson Park and Greystar an £80 mln (€90 mln) loan in conjunction with its partner Lender, Bank of Ireland.
The five-year facility will fund the delivery of a 257-unit Build to Rent (BTR) scheme on the three-acre Equipment Works regeneration scheme in Walthamstow, London.
Half of the finance package was arranged with Bank of Ireland, with Investec providing the balance.
Equipment Works is the £130 mln mixed-use regeneration project in the borough of Walthamstow, North East London, aimed at transforming the current warehouses where Blackhorse Lane meets Forest Road into a residential-led mixed-use development. Located opposite Blackhorse Road station, London King’s Cross is accessible within 20 minutes via the Victoria Line.
Acquired by the JV in January, construction work has already commenced, with the development scheduled to complete in 2021.
Joshua Weinstein, at Investec Structured Property Finance, commented: 'Our confidence in backing this scheme is twofold: the barriers to entry for home ownership in London are high; whilst in Henderson Park and Greystar we are partnering with two of the most sophisticated and credible real estate businesses currently amassing significant BTR portfolios in London. In relative terms, the sector in London is still nascent, but the simple supply demand dynamic for residential property favours those who are able to deliver high quality purpose built schemes in sought after locations.'