Inspired Asset Management has secured £61.1m in development finance for its biggest scheme to date, in Croydon, south London.
GreenOak provided a £44m senior loan, arranged by Arc & Co, for the redevelopment of Impact House on Edridge Road into a 235-flat scheme with a gross development value of £90m. In addition, a vehicle advised by EG Real Estate Advisors, arranged by Blackbear Capital Partners, provided a £17.1m mezzanine loan.
The financing has allowed Inspired to start work on the scheme, which consists of 197 one- and two-bedroom micro-flats, 38 larger one-, two- and three-bedroom flats and four duplex penthouses. The development will also have a communal rooftop terrace and a wifi-enabled club lounge on the ground floor.
“We are thrilled to get funding for what will be our largest scheme to date,” said Inspired chief executive Martin Skinner. “The team has worked extremely hard to get it over the line and it is probably the first time in six months that I have seen my finance director with a beaming smile.”
Impact House, which was acquired as a largely vacant office building for £25m last year from the Tricos Group of companies, will be stripped back to its core and given a new façade. It will be redeveloped largely under permitted development rights, although Inspired secured planning permission to convert the upper floors in April.
Inspired’s Development Director, Jeremy Beck, added: “This is Inspired’s flagship development and will appeal to buyers who also want to buy into a lifestyle. Impact will incorporate the latest tech, high quality finishes, a residents’ lounge, communal roof terrace and will have a concierge service.”
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