Puma Property Finance has agreed to provide funding for a 26-storey residential tower in Stonebridge Park, north-west London, which has a GDV of £65m.
The development will transform a currently derelict office site and is part of the wider regeneration of the Stonebridge Park area.
The project will see 141 homes built over the next three years, 40% of which will be affordable.
The scheme is being developed by jv partners Latimer Developments, Londonewcastle and Cervidae, and aims to help address the acute housing shortage in the capital.
Kevin Davidson, managing director, who led the deal for Puma, said: “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.”
To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews
Compare and explore the market in the London Borough of Brent >>
