True North Management has secured funding from Investec Bank to fund the delivery of a £35m GDV new flexible living development at 18–22 Crown Lane in Morden.
The development loan supports construction of the 98-suite scheme, which is currently underway, with completion targeted for summer 2027.
Designed for stays from a single night to longer stays, the facilities at Crown Lane will include co-working space with private booths, a chef’s kitchen and private dining areas, wellness amenities including a yoga studio and sensory room, alongside secure storage and back-of-house facilities.
The latest transaction is the fourth deal completed between True North and Investec in the past 12 months, bringing the total value of financing provided to £75m.
Jill Ju, founder and CEO of True North Management, said: “This transaction reflects our conviction that the next generation of accommodation assets will increasingly borrow from hospitality not just in design, but in operations and experience. People expect more flexibility, more convenience and a greater sense of connection than traditional models were designed to provide.
“At Crown Lane, we are bringing together hospitality principles with operations built for institutional capital to create a product that responds to how people want to live and stay today. We are delighted to deepen our partnership with Investec through our fourth transaction together, a shared conviction in the long-term fundamentals of flexible living and the resilience of this income profile.”
Ed Boughton, from Investec Real Estate, added: “This fourth transaction reflects the strength of our relationship with True North, a leader in the flexible living space. Flexible living has an important role to play in meeting demand from people looking for high quality accommodation, service and connection in London and we are excited to be working with True North again, supporting the growth of this impressive platform.
“Our partnership is built on a shared understanding of the Living sector and the need for certainty of capital when bringing well-located, operationally led schemes forward. We look forward to delivering these schemes and scaling the portfolio further.”
