Developer Pocket Living has secured £19.3m in funding to move forward with the delivery of its future affordable housing schemes.
The debt facility was provided by Pluto Finance against Pocket Living’s Addiscombe Grove development in Croydon, CR0, which was completed in March.
The 153 homes at Addiscombe Grove form a part of joint venture with housing association Optivo. The development, designed by architects Metropolitan Workshop, has already seen its first residents moving in.
Pocket Living’s patch comprises 112 one-bedroom homes, available exclusively to first-time buyers who live or work in London and earn under the income threshold for affordable housing. The remaining 41 homes were delivered as shared ownership by Optivo.
Paul Rickard, chief financial officer at Pocket Living, said: “This £19.3m funding agreement marks Pocket’s second deal with Pluto Finance and demonstrates their confidence in us and our model, as well as the need to continue delivering homes for those who otherwise might not be able to get on the ladder in their local area.”
This deal follows Pocket Living securing a 12-month £6.6m debt facility with Pluto in September last year against its Harbard Close asset in Barking, RM12.
To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews
