Greystar has secured a £600m debt facility for its 1,624-home residential scheme in Bermondsey, SE1.
A consortium of four lenders comprising Standard Chartered Bank, First Abu Dhabi Bank, Oversea-Chinese Banking Corporation and Emirates HBD provided the loan.
Greystar has now appointed contractors McLaren Construction, McAleer & Rushe and Sisk for the project, which will deliver 1,624 new homes, 338 of which will be social rent homes, on a brownfield site that was home to a Peek Freans biscuit factory.
Greystar expects the first homes to be ready for occupation in autumn next year, with the scheme scheduled for completion in the second half of 2027. The plans include office, retail and leisure space alongside the residential elements.
The social rent homes will be built by London Square, part of Aldar, and will be owned and managed by Square Roots.
Greystar executive director and Europe investment management leader Mark Allnutt said: “We are pleased to have closed this debt facility and secured partnerships with leading contractors, who each bring unique expertise and a strong track record in delivering complex urban developments.
“Their contributions will be instrumental in ensuring that the project meets our ambitious goals, not only in delivering homes, but also creating dynamic spaces that reflect the heritage and future potential of Bermondsey.”
Standard Chartered acted as sole co-ordinator and joint arranger for the project’s debt facility.
Image © Greystar
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