Joint venture partners Hurlington Capital and The V Fund have completed the £24.5m refinancing of a development site in Acton with Delancey.
The senior secured facility will help to deliver a 429-bed purpose-built student accommodation (PBSA) scheme and 95 affordable homes on two plots located within the Bollo Lane mixed-use masterplan.
The existing sites currently house circa 44,000 sq ft of under-utilised commercial and light industrial buildings, which will be re-provided in the scheme.
Harry de Lotbiniere, from Hurlington Capital, said: “Delancey has proven to be a reliable funding partner for this transaction thanks to their flexibility, speed and certainty of execution. This loan will replace an existing financing facility and cover pre-construction costs as we look to move forward in delivering another market-leading PBSA-led residential scheme in an area witnessing significant regeneration and investment that will be supportive of our proposed development.”
Martin Kom, director of real estate strategies at Delancey, added: “We are pleased to partner with Hurlington Capital, a highly experienced sponsor with a proven track record, on this well-located opportunity. We are very excited by the regeneration already underway in the surrounding area, with the next phase, led by TfL, expected to attract substantial inward investment and drive long-term value appreciation. We remain convicted in the London PBSA sector, which continues to be underpinned by a fundamental supply-demand imbalance.”
