A joint venture (JV) between Ballymore and Penta Real Estate has secured a £179.5m loan facility from Barclays and Homes England to support the delivery of its Cuba Street development adjacent to Canary Wharf in east London.
The cash will support the delivery of a new 52-storey tower, comprising 434 homes, made up of a mixture of private and affordable units.
Amenities are also set to include an indoor-outdoor gym on the 32nd floor, communal spaces and a new public park. This will be the largest public park delivered on the Isle of Dogs for more than 30 years.
The JV was formed at the end of last year, with plans to deliver the Cuba Street scheme as well as the final 247-home phase of the Embassy Gardens development at Nine Elms.
Shortly after the JV was formed, it secured a £193.5m loan from Eldridge Real Estate Credit and affiliates of Starwood Capital to finance the Nine Elms development.
Robert Mulryan, group corporate finance and investment director at Ballymore, said Barclays and Homes England had been “long-term partners of Ballymore, and we are proud to be working with them again on this outstanding project”.
He added: “Cuba Street builds on Ballymore’s substantial contribution to high-quality housing delivery and the regeneration of the Isle of Dogs over the past 30 years.”
Pavel Streblov, UK managing director and board member at Penta Real Estate, said: “This funding milestone is a further key step forward for our JV, particularly given the high calibre of the debt providers. The financing underscores the desirability of this project and a reflection of our commitment to delivering the highest-quality homes in London.”
Neil Elliott, assistant director of structured real estate finance at Homes England, said: “As the government’s housing and regeneration agency, our aim is to help public and private sector partners to unlock strategic housing sites across England and we are committed to helping developers of all sizes to achieve their ambitions.
“The Cuba Street development is a demonstration of a long-term commitment from Ballymore, to transform a former industrial site into new, high-quality homes.”
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