The joint venture partners behind a 462-home prime residential-led scheme in Kensington, West London, have secured a four-year £258m development loan with Maslow Capital.
UK developer SevenCapital and European real estate investment manager MARK are building seven residential blocks at 100 West Cromwell Road, providing a mix of spacious studios, one-, two- and three-bedroom apartments.
Some 40% of the homes will be affordable at the scheme, which features a 29-storey residential tower. When complete the tower will be the largest building in the Royal Borough of Kensington and Chelsea.
Ellis Sher, CEO and co-founder of Maslow Capital, said: “We are very excited to be partnering with the teams at MARK and SevenCapital in what is a landmark development. The construction is highly complex, with the property being built above an operating Tesco car park. In supporting this deal we have strong conviction that the sponsors can navigate these challenges and deliver what is set to be a remarkable scheme.”
Bal Sohal, chairman of SevenCapital, added: “We are extremely pleased to have support from Maslow Capital on this exceptional new development and joint venture with MARK. We look forward to getting on site and bringing the project to fruition over the coming years.”
James Henry, deal origination at Maslow Capital, who was responsible for originating and structuring the deal alongside senior partner Matt Pigram, said: “We are delighted to support the delivery of this development that will redefine the Kensington and Chelsea skyline with its tallest residential tower. All stakeholders have remained perfectly aligned throughout the funding of this transaction and we are pleased that this ambitious project will be undertaken by best-in-class sponsors along with the support of Ardmore Construction.
“Despite near-term economic volatility, Maslow remains focused on long-term market fundamentals and maintains a strong appetite for funding well-located, high-quality living sector assets. This transaction further showcases our extensive funding capabilities, and we look forward to funding more projects of this magnitude throughout 2023.”
Damien Siviter, group managing director at Seven Capital, said: “We are thrilled to work once again with Maslow Capital on this highly significant development in partnership with MARK. 100 West Cromwell Road will form an exceptional new landmark for The Royal Borough, making use of rare and disused brownfield land to bring high quality new homes and amenities to this highly sought after area.
“As a fifth transaction with Maslow, this is testament to our ability and track record for delivery of large-scale, mixed use and residential schemes that enhance and add value to their surrounding communities. We look forward to beginning work on the construction and launching the first phase of the development in the coming months.”
Marcus Meijer, CEO at MARK, said: “Across our London portfolio, we are creating new landmarks that will enhance the cityscape of the UK capital. 100 West Cromwell Road combines high quality design with delivering a genuinely positive social impact, with a focus on providing community spaces and promoting active and healthy lifestyles. This is all achieved while making an important contribution to local housing need through the on-site affordable housing provision. We look forward to working with Ardmore Construction, Maslow Capital and SevenCapital in taking this scheme forward.”
Start on-site is expected this summer, with a phased development approach and the full lifecycle of the project is expected to span four years. Ardmore Construction has been appointed as the main contractor on the project.
