Octopus Real Estate has provided a £28.4m refinancing facility for LMSL Group’s office-to-residential refurbishment at Charter House in Ilford.
The 106-home development at 450 High Road comprises a mix of one-, two- and three-bedroom apartments. It is located between Ilford and Seven Kings, in the London Borough of Redbridge, within walking distance of the new Crossrail station.
The facility will refinance the development loan to enable the refurbishment of the former office building, with completion expected in July 2019.
It is secured by way of a first charge on a 24-month term with an LTV of 68%.
The loan builds on the long-term relationship between Octopus Real Estate and LMSL Group.
D’mitri Zaprzala, head of sales at Octopus Real Estate, said: “It’s an exciting PRS scheme which will deliver much-needed new-build residential stock, in a sought-after location experiencing high demand for good-quality rental properties.”
The eight-storey office building was acquired by LMSL Group’s Abbeystone Properties for £12.27m in August 2017. It was approved for a change of use in 2016 under permitted development rights. Construction has been ongoing since the start of 2018.
Outside the Box Capital Solutions advised Abbeystone Properties.
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