Inspired Asset Management has agreed £61.1m in development finance for Impact House, its £90m GDV, 235-flat scheme on Croydon’s Edridge Road.
The £61.1m was secured through a £44m senior loan from GreenOak, arranged by Arc & Co., with £17.1m in mezzanine finance from a vehicle advised by EG Real Estate Advisors, arranged by Blackbear Capital Partners.
The development will comprise 197 one and two-bedroom micro-flats and 38 larger one, two and three-bedroom flats, including four exclusive duplex penthouses.
Built in the 1960s, Impact House was a largely vacant office building that was extended and refurbished in 2010 before being purchased by Inspired for £25m in 2015. The 16-storey building is set to undergo a radical transformation that will see it stripped back to the core and reskinned with an all-new contemporary residential facade.
Founded in 2009, Inspired Asset Management is a London-based residential property investment and development company. The company has a completed and pipeline gross development value of more than £500m, with schemes in Croydon, Sutton, Epsom, Crawley, Chertsey and Manchester.
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