Investec Structured Property Finance has provided a €29m (£24m)senior debt facility to Church Walk House Property Developments, a joint venture between Savills Prime London Residential Development Fund II and Epsilon Real Estate Partners. The development funding will support a consented residential scheme at Church Walk, off Finchley Road NW3, which comprises 31 apartments and four townhouse units, together with parking and outdoor garden space. Works are expected to start in July 2017 at this well located site.
The funding by Investec releases capital utilised to acquire the site and provides finance for the development phase of the scheme.
Hayley Scott at Investec commented: “Investec is a long-standing funder of residential developments, particularly in London, so Church Walk is a natural scheme for us to support. As illustrated, we are keen to lend on the right projects, and structure our funding to create value for our clients, including large institutions and private equity firms with knowledgeable and credible real estate JV partners. 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.”
Douglas Lister of Epsilon REP: “We are delighted to have concluded the financing for the development of this high quality new build scheme of apartments and houses at Church Walk which will be completed in 2019. The development includes well designed luxury homes with gardens, terraces and secure basement parking and will provide a range of accommodation ranging from one bedroom flats to four bedroom houses.”
James Whidborne Fund Director at Savills IM said: “We’re very pleased to close out our first deal with Investec, and excited that Epsilon can now progress the project beyond planning. 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. We now have over 350,000 ft2 consented and under construction across the two funds with a combined GDV of c. €592.4m (£500m).”
