The specialist lender provided a 22-month, £5.26m senior debt facility for the development of the units, while the private equity firm Cogress lent an additional £1.9m of equity.
Work on the development is expected to commence this year and will see the construction of one-, two- and three-bed apartments, along with two additional ground-floor commercial units.
The apartments are expected to be priced in the £272,000 to £465,000 range and the gross development value of the site is £8.8m.
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“Having recently expanded our development finance product range, we continue to identify and support well located residential schemes in London, partnering with clients who require both flexible and efficient funding solutions,” said Emma Burke, head of development origination at Octopus Property (pictured above).
“As appetite from borrowers for a combination of debt and equity financing increases, we’re pleased to have identified a trusted partner in Cogress and we look forward to future opportunities to work together.”
The deal was the second financing arrangement involving both Cogress and Octopus Property.
“We’re delighted to be working with the ambitious and experienced Octopus Property on the refinancing process to provide financial solutions for this development,” said Tal Orly, CEO and co-founder of Cogress UK.
“We’re excited about growing our relationship with Octopus to bring our network of qualified investors the best investment opportunities across London and the UK.”