Located on Old Kent Road, THE BeCa is designed by Farrells, and will include a concierge, co-working space, private fitness suite and communal roof terraces, all positioned above ground-floor commercial spaces.

Cheyne Capital is providing the funding to a joint venture between Avanton and Housing Growth Partnership, a subsidiary of Lloyds Bank PLC, which will use the loan to refinance its existing facility.

Construction is expected to be completed in 2027.

The scheme forms part of Avanton’s ongoing regeneration of the Ruby Triangle on Old Kent Road, delivering more than 1,600 new homes across five buildings.

Nick Grosse, director at Cheyne Capital’s real estate group, commented: “Against ongoing housing supply constraints, we continue to see demand for high-quality, well-located residential schemes across London, particularly in areas benefitting from redevelopment and improving connectivity.

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“Testament to this is the fact that nearly 40% of the homes in THE BeCa were already pre-sold at closing.”

Omer Weinberger, CEO at Avanton, added: “THE BeCa is the first phase of Avanton’s circa 2,500 new homes pipeline and marks the start of our long-term vision for the regeneration of Old Kent Road.

“The refinance with Cheyne Capital and our continued partnership with HGP reflect the strength of this standout scheme and the confidence in delivering on time and on budget.

“We thank our advisors for their support throughout the transaction as we move into the next phase with increased momentum.”

Jonathan Black, founder of debt advisory firm BLCK CAP, commented: “This is an exceptionally strong transaction underpinned by robust fundamentals, including high-quality sponsorship and significant pre-sales at closing.

“In a market where no deal is straightforward, it was a pleasure to work alongside sponsors and a lender who demonstrated real creativity and flexibility to deliver a successful outcome for all stakeholders. The collaboration resulted in a genuinely aligned win-win outcome.”

International law firm BCLP advised Cheyne Capital on the financing and HG Construction will oversee the construction.