UK property developer SevenCapital and real estate investment firm MARK have secured a £258m (€293m) loan from Maslow Capital to help develop a residential-led project in West London.
The SevenCapital and MARK partnership will use the four-year development loan from the property lender to fund the 100 West Cromwell Road project, a 462-home scheme in Kensington with over 12,000sqft commercial space and 24,596sqft of community and leisure facilities.
Ardmore Construction has been appointed as the main contractor for the £410.5m development which is expected to be completed in four years.
Bal Sohal, chairman of SevenCapital, said: “We are extremely pleased to have support from Maslow Capital on this exceptional new development and joint venture with MARK. We look forward to getting on site and bringing the project to fruition over the coming years.”
Maslow has in the past supported SevenCapital’s residential and mixed-use projects across the UK. The latest loan is the fifth and “most significant facility” to date provided in support of a SevenCapital project.
Ellis Sher, CEO and co-founder of Maslow Capital, said the construction is “highly complex”, with the property being built above an operating Tesco car park. “In supporting this deal we have strong conviction that the sponsors can navigate these challenges and deliver what is set to be a remarkable scheme.”
James Henry, deal origination at Maslow Capital, who was responsible for originating and structuring the deal alongside senior partner, Matt Pigram, said: “All stakeholders have remained perfectly aligned throughout the funding of this transaction and we are pleased that this ambitious project will be undertaken by best-in-class sponsors along with the support of Ardmore Construction.”
Marcus Meijer, CEO at MARK, said: “Across our London portfolio, we are creating new landmarks that will enhance the cityscape of the UK capital.
“100 West Cromwell Road combines high-quality design with delivering a genuinely positive social impact, with a focus on providing community spaces and promoting active and healthy lifestyles.”
Damien Siviter, group managing director at Seven Capital, said: “As a fifth transaction with Maslow, this is testament to our ability and track record for delivery of large-scale, mixed-use and residential schemes that enhance and add value to their surrounding communities.
“We look forward to beginning work on the construction and launching the first phase of the development in the coming months.”
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