Greystar has secured a £96m (€110m) loan from AllianceBernstein’s European Commercial Real Estate Debt (ECRED) strategy to finance the acquisition and development of a residential project in the UK.

The loan will fund the development of the Crown Trading Estate, a multifamily build-to-rent (BTR) project in Hayes, Greater London.

The property once developed will comprise 318 residential units, along with a further include 89 affordable housing units, a commercial unit and over 10,000sqft of amenity space including a lounge, gym, concierge and shared workspaces. 

The scheme is part of the Old Vinyl Factory regeneration plan.

Clark Coffee, CIO of European commercial real estate debt at AllianceBernstein, said: “We are thrilled to have provided this financing solution to Greystar, one of the largest vertically integrated rental housing specialists.

“The BTR sector has an important role to play in helping to address the UK’s housing shortage. We are pleased to be contributing to the delivery of new homes.”

In November 2020, AllianceBernstein partnered with Lacarne Capital to create ECRED to target real estate-backed investments across Europe.

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