OakNorth bank has provided £21m to residential developer Strawberry Star in debt finance for its mixed-use scheme in Wandsworth.
RM Secured Direct Lending has provided a further £4.9m of debt for the scheme of 77 residential units, 34,000 sq ft of flexible work space and 2,000 sq ft of leisure.
Santhosh Gowda, chairman of Strawberry Star, said: “Wandsworth is one of London’s most popular areas and is in desperate need of new homes – the borough requires 18,000 new homes a year until 2025 to keep up with demand, so we’re delighted to have OakNorth and RM Secured Debt Lending’s support, and look forward to development getting underway.”
The site at Buckhold Road has planning consent and construction will start in September.
JLL Residential Capital Markets acted as funding advisor to Strawberry Star.
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