Residential developer McLaren Property has secured a £20m loan from Puma Property Finance to progress a 145-unit co-living scheme in Exeter city centre.
CGI of McLaren Property’s co-living scheme in Exeter
Set over five floors, the all-studio development will total approximately 58,000 sq ft. Proposals also include a range of amenities such as co-working areas, lounges, content room, snug, private dining, gym, wellness studio and a rooftop terrace with kitchen diner.
Located on Summerland Street, the co-living scheme will be targeted at a variety of residents, including private renters and key workers, with a 20% affordable provision.
McLaren Property is targeting EPC ‘A’ and BREEAM ‘Excellent’ certifications, with sustainability features set to include PV panels, air-source heat pumps, mechanical ventilation with heat recovery and the provision of 74 cycle spaces.
This marks the first partnership between Puma Property Finance and McLaren Property.
Oliver Westray, development director at McLaren Property, said: “We are thrilled to be partnering with Puma Property Finance for the first time on this exciting co-living development in the heart of Exeter. Their understanding of the living sector and pragmatic, collaborative approach has been evident throughout the process.
“Exeter is a compelling market for high-quality co-living, and this development will deliver a sustainable, amenity-rich product that meets the needs of today’s renters. We look forward to delivering the scheme together and to building a strong relationship with Puma going forward.”
Kent Lawrence, senior manager at Puma Property Finance, added: “We are delighted to be supporting McLaren Property on this high‑quality, amenity‑rich co‑living development. The scheme’s strong ESG credentials, flexible occupancy profile and city centre location combine to create a compelling proposition. It aligns perfectly with our strategy of backing experienced sponsors to deliver sustainable living spaces across the UK.”
Construction is due to commence this year.
In December, Puma Property Finance completed the first close of the Puma Real Estate Secured Credit fund with backing from Madison International Realty, a New York-headquartered real estate private equity firm.
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