Alternative lender Investec has provided a £25 mln (€28 mln) loan to UK housing developer James Taylor Homes.
The 33-month loan, agreed at up to 53% loan to cost, will fund the redevelopment of the former Antoinette Hotel in Kingston upon Thames, south west London, into 89 residential units.
The scheme represents the second-largest development to date for James Taylor, a niche developer focusing on London and the Home Counties. Investec has worked with the firm before, providing development finance for schemes including the Argo business Centre in Kilburn and 64 Lincoln’s Inn Field.
'We have been working with James Taylor Homes for a number of years so it’s great to be supporting them on their latest development project,' said Will Scoular, at Investec Structured Property Finance.
'Our expert team’s understanding of the quirks and pitfalls of developing brownfield sites enabled us to provide additional support throughout the process to help tackle some complex property issues,' added Scoular.
Investec said it also supported the client through the planning process to increase the number of units by 12%.
Emil Sohrab, chief executive at James Taylor Homes, added: 'We are pleased to be working with Investec again to secure acquisition and development financing for this exciting project to redevelop a former hotel in Kingston.
'The proposed scheme will offer a broad range of high quality unit types and price points, which we hope will serve the local community well,' Sohrab concluded.