141 apartments will be built over the next three years, 40% of which will be affordable housing
Loan marks Puma Property Finance’s first deployment from its £300m funding line with Waterfall Asset Management
Puma Property Finance (PPF) today announces it has provided funding to finance a £65m GDV, 26-storey residential apartment block in Stonebridge Park, North West London.
The development will create 141 apartments over the next three years, of which 56 will be affordable housing. The project is being developed by a joint venture featuring Latimer Developments, the development arm of the UK’s largest provider of social housing, Clarion Housing Group, together with developers Londonewcastle and Cervidae, and aims to address the acute housing shortage in the capital.
The development will transform currently derelict office site and is part of the wider regeneration of the Stonebridge Park area. The apartments are being developed with sustainability credentials front of mind, including a zero-carbon target and enhancing biodiversity through new habitat creation.
Kevin Davidson, Managing Director, who led the deal for Puma Property Finance, comments: “We’re delighted to support this development and to be working alongside such prestigious and experienced residential developers and social housing provider parties. Demand for new affordable housing with high sustainability credentials remains high; we hope this development will help not only to address the ongoing shortage of properties, but also to deliver genuine social value as cost of living increases continue to bite while rents across the capital rise. Working with established partners in the industry, it should be an exciting three years as the development takes shape.”
“I would like to thank our valued professional partners on the deal, Hollis (Project Monitors), Charles Russell Speechlys (Lawyers) and Savills (Valuation) for all their support in closing this important transaction.”
David Barnett, CEO of Londonewcastle comments: “Argenta House is an incredibly exciting project for us in a key regeneration area of Brent. The planning permission that we have secured is unique within the London market and will deliver over 141 private and affordable homes adding to the already dynamic transformation of North West London. We and our JV partners have enjoyed working with Puma to secure the funding for the development and we have been impressed with their pragmatic, can-do attitude. We look forward to working with them in the future and seeing this project come to life in the built environment.”
Richard Cook, Group Development Director of Clarion Housing Group, said: “We are delighted to enter into this exciting joint venture with Londonewcastle and funders Cervidae to deliver a sustainable residential scheme which will kickstart the wider regeneration of the Stonebridge Park area.
“We are passionate about providing homes for those who need them most and last year we built nearly 2,000 affordable homes across the country. This scheme will provide vital affordable homes for local people in area of acute housing need.”
Alex Hamilton, CFO of Cervidae comments: “Puma’s new funding line offers us the flexibility and deliverability to be confident of a successful financing and a positive relationship throughout the loan. We are pleased to continue our relationship with Puma.”
Puma Property Finance offers capital and expertise to experienced property professionals across all sectors and locations. In addition to financing residential and commercial developments, Puma Property Finance has a strong track record funding essential social infrastructure from care homes to retirement living and student accommodation. The alternative lender offers fixed rate loans, providing long-term certainty amid rising interest rates.
The development also marks Puma Property Finance’s first loan from its funding line with Waterfall Asset Management – a £300 million facility secured earlier this year. The funding is attractively priced, allowing Puma Property Finance to provide increasingly competitive rates to prospective borrowers.