Developer Arada will use the loan to fund the acquisition and development of two residential buildings at 100 Avenue Road.

Planning consent has been secured and construction is underway at the 0.93 acre site where there are plans to develop two towers.

The first will be a 25-storey tower with 172 for-sale units and amenities including concierge, pool, gym, golf simulator and co-working space. The second will be a 5-7 storey block with 79 affordable homes and three retail units.

Autumn 2028 is being targeted for completion.

“Arada London has an impressive track record of delivering large-scale, landmark developments across the city of London and we are delighted to be collaborating with them on our third transaction together,” said Jai Patel, managing director at ICG Real Estate.

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“The development is strategically located in Swiss Cottage, which has a global reputation for being a highly desirable residential area with excellent transport links and easy access to Hampstead Heath, Regent’s Park and several of London’s top schools.

“This scheme will deliver an attractive turnkey product into a highly supply-constrained submarket, alongside a significant affordable housing provision that will serve both domestic and international residents.”

Marc Eden, investment director at Arada London, added: “At 100 Avenue Road, the ICG team proved that they share Arada London’s clear focus on quality, sustainability and long-term value, alongside the delivery of critical affordable housing.

“We are pleased to be working together again to bring forward a high-quality scheme in a well-connected part of London.”