Puma Property Finance (PPF) recently announced it has provided funding to finance a £65 million GDV 26-storey residential apartment block in Stonebridge Park, North West London.
This will be the funding solution provider’s first loan from its funding line with Waterfall Asset Management, a £300 million facility secured earlier this year.
Kevin Davidson, managing director, who led the deal for Puma Property Finance, comments: “We’re delighted to support this development and to be working alongside such prestigious and experienced residential developers and social housing provider parties. Demand for new affordable housing with high sustainability credentials remains high; we hope this development will help not only to address the ongoing shortage of properties, but also to deliver genuine social value as cost of living increases continue to bite while rents across the capital rise. Working with established partners in the industry, it should be an exciting three years as the development takes shape.”
“I would like to thank our valued professional partners on the deal, Hollis (Project Monitors), Charles Russell Speechlys (Lawyers) and Savills (Valuation) for all their support in closing this important transaction.”
All about the upcoming project
The Stonebridge park project is expected to be developed over the next three years. A total of 141 apartments, of which 56 will be affordable housing, will be developed by a joint venture featuring Latimer Developments.
The development will also involve Clarion Housing Group, together with developers Londonewcastle and Cervidae, and aims to address the acute housing shortage in the capital.
By transforming a derelict site, the developers aim to help regenerate the Stonebridge Park area.
The residential housing will include a zero-carbon target and enhance biodiversity through new habitat creation.
David Barnett, chief executive officer of Londonewcastle comments: “Argenta House is an incredibly exciting project for us in a key regeneration area of Brent. The planning permission that we have secured is unique within the London market and will deliver over 141 private and affordable homes adding to the already dynamic transformation of North West London. We and our JV partners have enjoyed working with Puma to secure the funding for the development and we have been impressed with their pragmatic, can-do attitude. We look forward to working with them in the future and seeing this project come to life in the built environment.”
Richard Cook, group development director of Clarion Housing Group, said: “We are delighted to enter into this exciting joint venture with Londonewcastle and funders Cervidae to deliver a sustainable residential scheme which will kickstart the wider regeneration of the Stonebridge Park area.
“We are passionate about providing homes for those who need them most and last year we built nearly 2,000 affordable homes across the country. This scheme will provide vital affordable homes for local people in area of acute housing need.”