The loan — which is the largest residential refinancing originated by Octopus Real Estate — was secured by way of a first charge on a 24-month term at 68% LTV.
The facility will refinance the current development loan on the scheme and allow the borrower to complete refurbishment works on the former office building.
The project will provide 106 residential units, consisting of a mixture of one-, two- and three-bed homes.
It is located between Ilford and Seven Kings, with the local area currently undergoing extensive commercial and residential regeneration.
Paul Carmody of Outside the Box Capital Solutions acted as the adviser on behalf of the borrower.
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D’mitri Zaprzala, head of sales at Octopus Real Estate (pictured above), said: “Having worked with both the borrower and Paul on many previous schemes, we are pleased to have been able to provide this significant refinancing facility.
“It’s an exciting PRS scheme which will deliver much-needed, new-build residential stock in a sought-after location experiencing high demand for good quality rental properties.
“We recently announced the consolidation of our property lending and healthcare expertise into Octopus Real Estate, which puts us in an even stronger position as we continue our expansion in the real estate sector.
“We have a first-class team and access to significant capital, allowing us to be the lender of choice for borrowers requiring larger loans in a short timeframe.”