UK lender OakNorth has provided a £55 mln (€64 mln) investment facility to Paradigm Land to finance the remaining units in a major mixed-use development in Brentford near Heathrow Airport .
The scheme comprises 288 apartments, 18,500 sq ft (17,200 m2) of modern office space, and 220 private parking spaces.
The facility will be secured against 218 of the 288 apartments.
Josh Garside, managing director of Paradigm Land, said: 'The area surrounding Parkview is in the midst of a multi-million-pound regeneration project, which will see a major supermarket, fashion boutiques, a cinema and arts centre added to the local high street, as well as improvements made to the Brentford Community Stadium, home to newly-promoted Brentford FC. In order to capitalise on this, we needed a funding partner with knowledge of the London property market and a willingness to be flexible whilst we let the remaining units.'
Damien Hughes, senior director of Property Finance at OakNorth Bank, added: 'Given its proximity to several train stations and two major parks, its attractive rental prices, and its range of amenities including a gym, cinema, games room and meeting spaces, it’s not surprising that almost two thirds of the units have already been let.'
