Alternative lender OakNorth has provided a £34.9 mln (€40 mln) loan to integrated property development business, Kings Crescent Homes.
Founded by Nick Harvey-Jones and Radu Dinului-Mereantu, Kings Crescent Homes specialises in delivering large-scale projects, including all main elements of construction. Headquartered in London’s Highbury, the developer is currently delivering over 800 units from Hove up to Birmingham, which includes 255 units in Birmingham’s Jewellery Quarter, 148 units in Brighton and Hove and 146 units in phase one of the Ashford Victoria Road masterplan.
The £34.9 mln capital from OakNorth Bank will support Kings Crescent Homes’ major new UK residential scheme in Ashford, Kent, comprising of 254 BTR units across four separate buildings, including a mix of studio, one, two and three-bedroomed apartments with modern specifications.
Nick Harvey-Jones, CEO of Kings Crescent Homes, commented: 'For a very affordable price point, this development will offer premium spec units with views of the neighbouring Victoria Park and River Stour, in one of the UK’s fastest growing towns which benefits from high-speed rail connections which can get you to Central London in circa 30 minutes. This was our first time working with the team at OakNorth and we found their approach transparent and consistent throughout.'
Anirudh Kare, Associate director of Debt Finance at OakNorth Bank, said: 'This transaction presented us with a great opportunity to build relations with the hugely talented team at Kings Crescent Homes, as they look to execute on their exciting expansion plans across the UK. The spectacular location given HS1’s connectively to London, Ashford’s booming job market and upcoming film production hub and the demand and supply dynamics within the local market, made this a very attractive proposition for us and we expect the units to be very popular amongst young professionals and growing families.'
CBRE is the debt advisor to Kings Crescent Homes.