The loan will fund the development of the second and final phase of Mast Quay, a two-block landmark riverside residential project in Woolwich, London.
Construction is already underway to deliver 204 apartments for rent and approximately 10,000 sq ft of ground floor commercial space.
The site occupies a sought-after riverside location close to Woolwich Ferry and the new Crossrail station, with excellent transport links to London City Airport and London Bridge Station, accessible within 20 minutes.
The development is due for completion in December 2022.
Stuart Scott, member at Investec Structured Property Finance, said: “Comer Homes is a longstanding client, and we’re delighted to be supporting them in delivering this major residential offering.
“This facility will enable Comer to proceed with their long-term ambitions and provides an investment term as the scheme achieves stabilisation.
“Mast Quay is a landmark scheme with an abundance of outside space, which will complement the wider transformation of the Woolwich area into a prime rental location.”
Brian Comer, chairman at Comer Group, added: “Mast Quay is an important addition to our portfolio, and one that will help supply the growing demand for high quality rental properties in London.
“Investec’s ability to understand both our short- and long-term requirements gives us stability at a time that is undoubtedly challenging for all, so we’re really pleased to be working with them again to bring this project to life.”
This is Investec’s third deal with Comer Homes, having most recently provided a £45m loan to fund the development of Royal Winchester House in Bracknell into 338 units for rent, which has recently achieved practical completion.