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The specialist lender is backing a London residential scheme being developed by SevenCapital and MARK.
Providers of loan-on-loan finance are pricing in higher interest rates.
Through the new partnership, the organisations have already closed two deals, including the £251m financing of a residential development in London’s Nine Elms.
The alternative asset manager said investing in the UK specialist lender will accelerate its growth ambitions.
The London-based alternative lender has closed its largest commercial real estate debt fund yet and will target £1bn of lending in the next three years.
The M&G-backed development lending specialist says it will bring the cost of borrowing for green schemes down as low as 5%.
The specialist lender, which has focused to date on residential development financing, says the pension fund’s investment will support its lending market growth.
Following its financing of a regional UK office-to-residential conversion, the lender’s chief executive says repurposing projects are creating opportunities for debt providers.
The report, compiled by The Business School, formerly known as Cass, reveals new UK lending dropped 23% to £33.6bn in 2020.
The UK specialist lender says its latest mortgage securitisation sets it up well for a “rocky period”.
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