Investec Structured Finance has provided a £23m senior debt facility to Comer Homes to finish construction of Bradstowe House, a 177-unit luxury residential development in Harrow, North London.
The completed project has an estimated value of £62m.
Construction of Bradstowe House stalled in 2009 after a syndicate of Irish banks providing senior debt fell apart, and the site has been unaltered since.
The term of the loan is for the duration of the project, which Comer expects to complete in 2015.
Investec provided £60m of loans to clients during October.
Steve Cook at Investec SPF, said: “The development of Bradstowe House is an exciting development offering quality accommodation in a prime location in Harrow. At Investec, we are committed to funding good projects and we are delighted to have worked with Comer Homes on this deal.”
Robert Sheppard of Comer Homes, said: “This is a landmark project for Comer Homes. In order to deliver these high quality projects, we recognise how important it is to work with high quality partners like Investec who engage thoroughly with the team to ensure a successful conclusion.”
bridget.o’connell@estatesgazette.com
