Henley Property Finance (HPF), a subsidiary of private equity real estate firm Henley, has provided £16.65 million of development finance to fund a residential scheme in Sutton, Surrey.
The two-year loan has been provided to Inspired Asset Management for the development of an 82-unit scheme in the outer London borough.
Inspired plans to convert a 10-storey office building into 73 private apartments, plus two further floors providing nine new-build residential units. The site has a gross development value of £22.8 million. So far, 36 pre-sale exchanges have been agreed totalling £10 million, HPF said.
HPF offers residential and commercial development finance for UK development. The firm is backed by global institutional investors and is able to finance schemes including residential, hotels, serviced apartments and student accommodation.
Henley is a UK-based private equity real estate investor focusing on development, investment and asset management in the commercial, residential, healthcare debt and alternative real estate market. The firm was launched in 2006.
Inspired focusses on high-yield residential property in London and the surrounding area.
“HPF continues to ensure that Henley remains in a strong position to take advantage of attractive development opportunities across the UK,” said Ian Rickwood, chief executive officer of Henley. “Our proven stock selection ensures we are confident of generating significant returns on behalf of our investors, and this latest deal allows us to partner with a proven developer in the construction of a major residential scheme in a highly sought-after borough of London.”