The development loan has been secured by Signal Capital Partners, with this package arranged in partnership with Allied Irish Banks.

Signal has converted Sutton Park House, located in Sutton in South East London, into 149 BTR units.

The property now includes co-working spaces, a gym, residents lounge, cinema room and rooftop terraces.

Out of these 149 units, 46 are designated for affordable housing.

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“These projects directly address the critical undersupply in the UK of high-quality rental homes in well-connected urban locations, as well as the acute requirement for more affordable housing,” said Sebastian Walley, originator in Investec’s real estate team.

“Whilst not always possible, transforming existing buildings is significantly more carbon friendly than ground up development, and this approach typifies our commitment to supporting sustainable urban regeneration and our ability to structure creative, flexible solutions to meet complex borrower requirements.”