Wed, 20/09/2017 - 10:31
Octopus Property has provided a 22-month, GBP5.26 million senior debt facility for the development of 22 one, two & three bed apartments and two additional ground floor commercial units in Norbury, South London.
Cogress, the private equity firm for property, has provided an additional GBP1.9 million of equity, bringing the total deal size to GBP7.45 million.
Work on the development is expected to commence in 2017. Located on 1516 London Road, it will deliver 22 apartments, expected to be priced in the GBP272,000 - GBP465,000 range, and a further 1,971 sq m of commercial space. The Zone 3 site, with a total GDV of GBP8.8 million, is a short distance from the attractive outdoor spaces of Norbury Park and Streatham Common and is a two-minute walk from Norbury train station, which offers quick access to London Bridge.
The scheme represents the second financing arrangement involving both Cogress & Octopus Property.
Emma Burke, Head of Development Origination at Octopus Property, says: “Having recently expanded our development finance product range, we continue to identify and support well located residential schemes in London, partnering with clients who require both flexible and efficient funding solutions.
“As appetite from borrowers for a combination of debt and equity financing increases, we’re pleased to have identified a trusted partner in Cogress and we look forward to future opportunities to work together.”
Tal Orly, CEO and co-founder of Cogress UK, says: “We’re delighted to be working with the ambitious and experienced Octopus Property on the refinancing process to provide financial solutions for this development. We’re excited about growing our relationship with Octopus to bring our network of qualified investors the best investment opportunities across London and the UK.”
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