Octopus Property has provided a £15.1m senior debt facility to Bellis Homes for the development of 19 one-, two- and three-bedroom residential units and 11,000 sq ft of retail space, in Chalk Farm, north London.
The deal represents the first facility agreed by Octopus following the launch of its new, lower priced development finance product, priced at just 0.54% per month for loans up to 60% loan-to-gross development value, as it continues to expand its residential development lending range.
The existing site comprises the former Marine Ices ice cream parlour property, one of Camden’s most iconic businesses since it launched in 1931. The new development will seek to maintain the original façade to construct a five-storey building with basement and ground-floor commercial space.
Emma Burke, head of development origination at Octopus Property, said: “This is one of the many examples of our ability to take a seemingly complex requirement and make quick decisions, completing this deal in just six weeks from agreed terms stage to acquisition, with the construction tranche drawing four weeks later.
“The development facility follows the launch of the company’s latest development finance product, which will allow us to meet the needs of a growing pool of potential clients who require attractively priced facilities on lower LTVs.”
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