Maslow Capital has provided a four-year £258 mln (€290 mln) development loan to fund the delivery of a 462-home residential-led scheme in Kensington, West London.
The development at 100 West Cromwell Road is a 50:50 joint venture between UK developer SevenCapital and pan-European real estate investment manager Mark. Ardmore Construction has been appointed as the main contractor.
Damien Siviter, group managing director at Seven Capital said: 'We are thrilled to work once again with Maslow Capital on this highly significant development in partnership with Mark.
'100 West Cromwell Road will form an exceptional new landmark for The Royal Borough, making use of rare and disused brownfield land to bring high quality new homes and amenities to this highly sought after area.
'As a fifth transaction with Maslow, this is testament to our ability and track record for delivery of large-scale, mixed use and residential schemes that enhance and add value to their surrounding communities. We look forward to beginning work on the construction and launching the first phase of the development in the coming months.'
Marcus Meijer, CEO at Mark said: 'Across our London portfolio, we are creating new landmarks that will enhance the cityscape of the UK capital. 100 West Cromwell Road combines high quality design with delivering a genuinely positive social impact, with a focus on providing community spaces and promoting active and healthy lifestyles.
'This is all achieved while making an important contribution to local housing need through the on-site affordable housing provision. We look forward to working with Ardmore Construction, Maslow Capital and SevenCapital in taking this scheme forward.'
Comprising seven residential blocks, the scheme will offer a mix of studios, one, two and three- bedroom apartments, with some featuring an open or enclosed balcony, along with a select number of duplex apartments and three- and four- bedroom houses. Some 40% of the homes will be provided as affordable.
The development will feature a 29-storey residential tower, which will become the tallest building in the Royal Borough of Kensington and Chelsea.
Ellis Sher, CEO & co-founder of Maslow Capital said: 'We are very excited to be partnering with the teams at Mark and SevenCapital in what is a landmark development. The construction is highly complex, with the property being built above an operating Tesco car park.
'In supporting this deal we have strong conviction that the sponsors can navigate these challenges and deliver what is set to be a remarkable scheme.'