ICG Real Estate has agreed a £243m loan to fund the delivery of 484 homes at Related Argent’s Heart of Hale scheme.
The development loan will allow Related Argent to move forward with the development of 1 and 2 Ferry Island, N17, which forms the second and final phase of the 1,032-home, £600m Tottenham project.
Jai Patel, managing diretor at ICG Real Estate, said: “Living remains one of ICG Real Estate’s long-held high-conviction sectors for both our debt and equity strategies. This substantial development loan reflects our ambitions in this sector.”
The towers, designed by architectural practice Allford Hall Monaghan Morris, will rise to 12 and 38 storeys.
Construction started this week. The homes will be added to Related Argent’s build-to-rent portfolio, which will hold more than 3,000 homes, alongside those developed in Brent Cross Town and King’s Cross. Related Argent plans to expand its rental portfolio beyond the initial 3,000 homes within its large-scale regeneration projects and a range of smaller sites. Its US parent, Related, has more than 71,000 BTR homes in the US.
Managing director Tom Goodall said: “The last year has seen successful delivery across our residential portfolio with 635 homes completed including the imminent opening of Author King’s Cross, our first BTR offer at King’s Cross, and over 1,200 new homes currently under construction. The capitalisation and start of major construction at 1 and 2 Ferry Island are important milestones to complete the Heart of Hale development, creating a new community and a destination for Tottenham Hale. Heart of Hale is evolving into what we believe is one of the most vibrant and best connected places to live in North London.”
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