London-based property developer Quintain has successfully completed a second financing package with Cheyne Capital, comprising a £172.5 mln (€197 mln) loan to support the next phase of its development programme at Wembley Park.
The funds will be used to build the latest block in its Eastern Lands quarter, consisting of 458 homes, and including a multi-storey coach and car park that is being part funded by Homes England. The properties will be managed by Tipi, Quintain's rental brand.
'Cheyne is an existing funder of the business on other phases under construction and we are delighted that it is continuing its support through co-funding the next development in the pipeline,' said Angus Dodd, chief executive at Quintain.
'The Wembley Park project is a complex and innovative example of how the London landscape continues to improve and change from large scale redevelopment such as this, and we are delighted to be able to play a part in that journey,' said Arron Taggart at Cheyne Capital.
Before Christmas, Cheyne agreed a £110 mln facility with Quintain at 75% loan-to-cost, for the first phase of offices at the Wembley site and 180 further BTR homes, as reported in PropertyEU's sister publication EuroProperty.
The news came as Quintain announced the appointment of Richard MacDowel to the role of group treasurer.
MacDowel said: 'I join at an important time for the business, as it further develops the Wembley Park project. The build to rent funding market in the UK is still nascent, and it is exciting to be a part of the team that is at the sector’s vanguard and looking to establish new funding templates.'
