A joint venture between Avanton and Lloyds Bank subsidiary the Housing Growth Partnership has secured a £92.25m loan from Cheyne Capital to support the development of a south east London residential scheme.
CGI of THE BeCa, Bermondsey, south east London
The loan will be used to refinance the JV’s existing facility and fund construction of THE BeCa, a build-to-sell development with 292 apartments in Bermondsey.
Last year, Avanton secured a £33m loan from Silbury Finance, extending an existing £68m facility, to fund an additional 30 homes at THE BeCA and meet legal requirements for a second staircase.
THE BeCa is part of Avanton’s wider regeneration of the Ruby Triangle area on Old Kent Road, which will provide more than 1,600 homes across five buildings. The proposals also include new commercial space in a bid to create a new mixed-use quarter in south east London.
Avanton chief executive Omer Weinberger said the refinancing with Cheyne Capital and partnership with HGP “reflect the strength of this standout scheme and the confidence in delivering on time and on budget”.
He added: “Despite a challenging market, THE BeCa has continued to sell successfully off-plan and, when completed in Q1 2027, is expected to be one of the most sought-after residential developments in and around central London.”
Nick Grosse, director in Cheyne Capital’s real estate group, added: “Against ongoing housing supply constraints, we continue to see demand for high-quality, well-located residential schemes across London, particularly in areas benefiting from redevelopment and improving connectivity.
“Testament to this is the fact that nearly 40% of the homes in THE BeCa were already pre-sold at closing. We are pleased to be working alongside experienced partners on a project that will help deliver these much-needed new homes, as well as contribute to the regeneration of Old Kent Road and the wider area.”
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