Development finance lender Maslow Capital has greenlit a £18.1 mln (€20.5 mln) development loan to Yari Investments for the construction of 121 co-living units the London borough of Hounslow.
The borrower, who was introduced to Maslow Capital by Brotherton Real Estate, plans to hold and operate the units as long-term investment. Situated in High Street, Feltham, the property is surrounded by several new build developments and sits within an established residential area.
The co-living units, which have been designed with young professionals in mind, are set to be completed by MY Construction, utilising modular construction techniques and their own offsite production facility.
All units will be prefabricated in the UK using steel frames and double insulation. Studios will include a bedroom and bathroom, while also providing shared communal spaces such as lounge, kitchen, dining areas, and co-working spaces.
With over 60% of the local population able to afford the rent of a unit at the property, the co-living development will not only be stylish and modern, but also highly affordable for the local demographic.
Nir Zamek, owner and director at Yari Investments, said: 'We are thrilled to have received the support of Maslow Capital in bringing this exciting co-living development to fruition.
'Their expertise in development finance has been invaluable in helping us bring our vision to life, and we can't wait to welcome young professionals to this fantastic property.'
Sky Mapson, deal origination at Maslow Capital, said: 'We are pleased to have been able to support this innovative project, which we believe will be a valuable addition to the housing market in London.
'Yari Investment’s strong business plan and London’s high demand for co-living housing made this a compelling opportunity for us, and we are confident that the completed development will be a great success.'
Rachel Gordon, head of deal execution at Maslow Capital said: 'This project exemplifies Maslow Capital's commitment to supporting the development of high-quality, innovative housing solutions in the UK.
'The use of modular construction techniques in this project not only allows for faster, more efficient building, but also enables our borrower to deliver a development that is more environmentally friendly. We are pleased to support the use of such innovative methods and believe they will play a key role in the future.'
Robert Kleinman, CFO at Brotherton Real Estate said: 'We are delighted to have been able to bring Yari Investments and Maslow Capital together on this exciting co-living project.'