Scape Living has secured a £50m loan from Puma Property Finance to deliver a residential-led development in Walthamstow, east London.
The developer and joint venture partner APG, intend to create 273 residential units, new commercial co-working areas and a flexible performing arts events space directly opposite Blackhorse Lane Station. The development is the latest phase of the £3bn+ regeneration of the Blackhorse Lane quarter in Walthamstow.
Adam Brockley, founder and global CDO of Scape Living, said: “We are delighted to partner with Puma Property Finance for the first time. The Puma team have been a pleasure to work with throughout the process and have demonstrated a commercial approach, great flexibility in a tight timeline, and a deep knowledge of the co-living sector. We very much look forward to working with them again in the fast-growing living space.”
Shane Ryan, director, who led the deal for Puma Property Finance, added: “We are delighted to be partnering with Scape Living and APG to turn this exciting development into a reality. The transformation of the Blackhorse Lane area is not only helping to address the acute housing shortage in London but is creating a diverse and sustainable community.
“This is the largest loan that Puma Property Finance has provided to date, and it is telling that the funding will be used for a substantial co-living development, a sector in which we believe strongly and that looks set for significant growth in the coming years as it attracts further institutional capital support. More and more people are discovering the benefits of the co-living model, which provides increased certainty of costs as well as providing a sense of community alongside state-of-the-art accommodation and amenities.
“We are excited by the vision of the Scape Living team and we look forward to partnering on other similar living schemes across the UK in the near-future. Puma Property Finance remains excited for the prospects of further lending going forward despite recent challenging market conditions.”
Scape Living received consent for the enhanced scheme in December 2022 and is hoping to make a start on site no later than Q3 2023.
