Octopus Property’s second commercial property debt fund has backed a £210m (€242.3m) London home development scheme with a £31.5m refinancing facility.
Commercial Real Estate Debt Fund II has provided an unnamed London property developer with the loan to refinance the South West London development.
The enhanced development of the 4-acre freehold former industrial site will maintain the currently consented 300 residential units, of which 90 will be affordable, whilst providing around 35,000sqft of additional space.
Dominic Gibson, a fund manager at Octopus Property, said: “Despite the significant growth of the business in recent years, working with repeat borrowers and introducers continue to be an important part of our philosophy.
“Since being introduced to the borrower by JLL two years ago, we have been impressed with both their business plan and their ability to deliver it.”
George Braithwaite, a director at JLL residential capital markets, said: “Having worked with the borrower since the outset of this project, we are pleased to have been able to secure this next phase of funding for them.”
