Close Brothers Property Finance has provided a £48m (€56 mln) loan facility to Chase New Homes, which will finance the construction of 213 new private homes in Brent Cross Cricklewood, North London, part of one of the largest regeneration projects in Europe.
The scheme is the first residential site to be brought forward since the new station, Brent Cross West, opened in December 2023, which connects commuters to central London in just 12 minutes.
The development is made up of a total of 251 units of which 38 of these units are designated as affordable homes, which Chase New Homes will deliver in partnership with a registered provider.
Both the affordable and private schemes comprise one, two and three-bedroom apartments located across three separate buildings with associated landscaping. Each home will have access to private outdoor space, with either a balcony or terrace, in addition to access to communal gardens.
The site resides in the former PB Donoghue industrial site on Claremont Road and forms a central part of the multi-billion-pound regeneration programme, which will create a vibrant new town centre.
As one of the Mayor of London’s key growth projects, the Brent Cross Regeneration programme will provide 6,700 new homes, commercial and retail spaces, arts and culture facilities, greener spaces, and improved schools and healthcare facilities.
As part of the plans for the development, Chase New Homes has also committed to making improvements to a local public park, ‘Millennium Green’, to benefit the local community.
Close Brothers Property Finance has previously provided finance for seven Chase New Homes developments since 2012, totalling over 500 units.
Neil Bradford, senior business development manager at Close Brothers Property Finance, said: 'Our business has always been based on building long term relationships with the best SME housebuilders in the UK, and over the last 12 years we have seen Chase New Homes grow to become an industry-leading business.
'We are delighted to be supporting them on such a landmark and prestigious scheme and look forward to continuing our relationship as they continue to grow.'
Gary Barton, managing director of Chase New Homes, added: 'Close Brothers Property Finance’s personalised, customer-centric approach to lending makes them an ideal trusted and long-term financial partner. With their support we’re excited to get the new development at Claremont Road underway and help to build this new and vibrant community.'
