London property developer Avanton has received £45m (€52.6m) financing to help develop over a thousand new homes.
Link Asset Services said it has secured the funding from Fortwell Capital for Avanton’s The Ruby Triangle mixed-use project in Old Kent Road.
The project will provide 1,152 units, of which 40% will be allocated for affordable housing. The project spans 1.4 hectares and includes two towers, one of 48 and one of 40 storeys, along with a church, a community sports hall and fitness centre.
James Wright, head of real estate finance at Link Asset Services said: “This deal puts a solid foundation under a major development on the Old Kent Road.
“This is an impressive scheme that will bring significant benefits to the local community.”
Omer Weinberger, managing partner, Avanton said: “Creating over a thousand new homes, our development will help address London’s current demand for new homes.
“Like all our schemes, Old Kent Road will put community first with the new sports facility, new public park with outdoor gym equipment and children’s play areas.”
The loan is the second Fortwell Capital has extended to Avanton, and the third major facility written by the firm in the past month, bringing the amount of capital deployed by the lender since the end of February to more than £131m.
Dan Smith, executive director of Fortwell Capital, said: “Ruby Triangle is a first-rate scheme and it is great to once again be supporting Avanton in bringing forward a development that will deliver much-needed homes for London.
Fortwell Capital has a large appetite for supporting developers and investors on larger, more-complex real estate financing opportunities – especially since the £400m capital injection it received from Cain International at the end of 2018 – and the firm’s origination strategy continues to involve projects such as Ruby Triangle.”