Fortwell Capital

Fortwell Capital agrees £45m development loan for Old Kent Road scheme

Fortwell Capital has completed a £45m acquisition finance facility to property development company Avanton.

The loan will enable the purchase of Ruby Triangle — a mixed-use development scheme on Old Kent Road in London.

Planning consent has been secured for 1,152 residential units, of which 40% will be allocated for affordable housing.

The development spans 1.4 hectares and comprises two towers of 48 and 40 storeys, alongside a church, sporting facilities, car parking and commercial space.

Dan Smith, executive director at Fortwell Capital (pictured above), said: “Ruby Triangle is a first-rate scheme and it is great to once again be supporting Avanton in bringing forward a development that will deliver much-needed homes for London.

“Fortwell Capital has a significant appetite for supporting developers and investors on larger, more complex real estate financing opportunities — especially since the £400m capital injection it received from Cain International at the end of 2018 — and the firm’s origination strategy continues to involve projects such as Ruby Triangle.”

This loan brings the total capital deployed by Fortwell Capital since the end of February to more than £131m.

Omer Weinberger, managing director at Avanton, added: “Londoners know well the pressure caused by a housing shortage in the city.

“This development, with over a thousand new homes, 40% of which will be allocated as affordable housing, helps ease that pressure.

“Bringing more housing, services and jobs to the local area, the Ruby Triangle development will be truly regenerative.”

Leave a comment