Montreaux has secured a £55m refinance for the development of the former B&Q site in Cricklewood, NW2.
Ask and OakNorth Bank provided the facility secured against the 6.8-acre site. The co-loan follows a £35.2m facility in 2019 to enable Montreaux’s initial site acquisition and planning application.
Montreaux received outline consent for 1,046 homes in September. The scheme comprises buildings of three to 18 storeys and includes 35% affordable housing.
The lenders said the loan recognises the value uplift, giving Montreaux time to secure detailed planning before selling the site or commencing development.
Damian Stalley, group managing director at Montreaux, said: “The refinance was crucial to our strategy following success at the outline planning stage and will enable us to pursue detailed planning permission and complete the next phase of our business plan.”
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