Investec Structured Property Finance has provided a £24 million senior development loan to the joint venture developers of a residential scheme in north London.
The bank has provided the facility to Church Walk House Property Developments, a joint venture between Savills Prime London Residential Development Fund II and Epsilon Real Estate Partners. The Savills fund is an opportunistic pooled fund which was launched in 2014 to target Greater London development and planning opportunities and which is managed by Savills Investment Management. Epsilon develops and manages London commercial and residential properties.
The scheme, close to the city’s Finchley Road, will comprise 31 apartments and four townhouse units. Construction is expected to begin in July 2017, with completion expected in 2019.
“Having been able to structure and successfully achieve credit approval within a tight timeframe, our financing will help to get this scheme delivered as projected,” said Hayley Scott at Investec.
The deal is the first concluded between Investec and Savills IM. “This is an important milestone for our Prime London Residential Development Funds; Church Walk being our eighth scheme in the delivery phase, with four further projects progressing through planning,” said James Whidborne, fund director at Savills IM.