The facility will enable the company to complete the first part of the neighbourhood, which will deliver 769 out of the 2,000 homes planned for the area, as well as local shops, cafes, restaurants and a seven-acre park.

Of the total homes, 74% will be BTR, with the remaining allocated for shared ownership, affordable rent and discount market rent.

Both residential buildings and the new Union Park are expected to be completed by early 2025.

Quintain has also signed a £227m fixed-price construction contract with John Sisk & Son to complete the build.

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James Saunders, CEO at Quintain, said: “This deal with JP Morgan is yet another sign of the financing market’s confidence in us and our product in a time of economic uncertainty elsewhere in the market. 

“We look forward to our ongoing partnership with JP Morgan, as well as contractors John Sisk & Son.”

Rahul Sule, co-head of JP Morgan’s EMEA and APAC real estate finance division, added: “We are delighted to work with the Quintain team in helping them deliver two new residential buildings in Wembley Park. 

“Quintain’s track-record in delivering and managing BTR products in London was one of the key reasons driving our interest in this transaction. 

“This deal, against a backdrop of heightened market volatility and inflationary trends, highlights our commitment and capabilities in the European construction finance sector.”

In addition, Quintain Living — the property management team of Quintain — has announced that its portfolio is now stabilised across all nine existing residential developments, with occupancy reaching just over 97%.

The company has seen 1,698 move-ins to its BTR homes this year to date, a 59% growth on the same period last year. 

There have been 1,680 net reservations — 44% higher than the same period last year — and the conversion rate from viewings to reservations has grown to 57%, marking a 15% increase. 

Average lease lengths continue to be approximately 16.5 months, and 41.5% of gross reservations so far this year were taken by residents following Quintain Living’s digital leasing journey with no visits on-site.

Danielle Bayless, COO at Quintain Living, stated: “This is a huge accomplishment for the entire Quintain Living team, and is testament to the strength of demand for our quality product and award-winning customer service. 

“As a growing business, with an equally growing reputation as a quality manager and operator of BTR homes, hitting these strong numbers shows exactly what BTR can bring to the UK market and how it differs from a traditional rental model.”