A four-year £258 million development loan has been secured to fund the delivery of a 462-home prime residential-led scheme in Kensington, West London.
Maslow Capital, a leading provider of real estate finance, has completed on the facility to support the development at 100 West Cromwell Road, a 50:50 joint venture between leading UK developer SevenCapital and pan-European real estate investment manager MARK. Ardmore Construction has been appointed as the main contractor.
Comprising seven residential blocks, 100 West Cromwell Road will offer a mix of spacious studios, one, two and three- bedroom apartments, with some featuring an open or enclosed balcony, along with a select number of duplex apartments and three- and four- bedroom houses. In a major boost for local housing need, 40% of the homes will be provided as affordable.
A new landmark, 100 West Cromwell Road will feature a 29-storey residential tower, which will become the tallest building in the Royal Borough of Kensington and Chelsea.
The site will also include extensive residents’ amenities, including attractive landscaped communal gardens, grand reception and 24-hour concierge service, club lounge and private dining room, gym and spa facilities and ample cycle storage.
All stakeholders involved in the delivery of the project are committed to promoting a shared sense of belonging and collaboration among residents and the local community. To achieve this the new development will include over 12,000 sq. ft of commercial space and 24,596 sq. ft of community and leisure facilities, creating a vibrant hub for social interaction and community building.
Today’s £258m loan is the fifth and most significant facility to date provided by Maslow in support of a SevenCapital development, with the lender having funded five previous developments across SevenCapital’s residential and mixed-use projects across the UK.
Start on-site is expected this summer, with a phased development approach. The full lifecycle of the project is expected to span four years.
Ellis Sher, CEO & Co-founder of Maslow Capital said: “We are very excited to be partnering with the teams at MARK and SevenCapital in what is a landmark development. The construction is highly complex, with the property being built above an operating Tesco car park. In supporting this deal we have strong conviction that the sponsors can navigate these challengers and deliver what is set to be a remarkable scheme.”
Bal Sohal, Chairman of SevenCapital said: “We are extremely pleased to have support from Maslow Capital on this exceptional new development and joint venture with MARK. We look forward to getting on site and bringing the project to fruition over the coming years.”
James Henry, Deal Origination at Maslow Capital said: “We are delighted to support the delivery of this development that will redefine the Kensington and Chelsea skyline with one of its tallest residential towers. All stakeholders have remained perfectly aligned throughout the funding of this transaction and we are pleased that this ambitious project will be undertaken by best-in-class sponsors along with the support of Ardmore Construction. Despite near-term economic volatility, Maslow remains focused on long-term market fundamentals and maintains a strong appetite for funding well-located, high-quality living sector assets. This transaction further showcases our extensive funding capabilities, and we look forward to funding more projects of this magnitude throughout 2023.”
Damien Siviter, Group Managing Director at Seven Capital said: “We are thrilled to work once again with Maslow Capital on this highly significant development in partnership with MARK. 100 West Cromwell Road will form an exceptional new landmark for The Royal Borough, making use of rare and disused brownfield land to bring high quality new homes and amenities to this highly sought after area. As a fifth transaction with Maslow, this is testament to our ability and track record for delivery of large-scale, mixed use and residential schemes that enhance and add value to their surrounding communities. We look forward to beginning work on the construction and launching the first phase of the development in the coming months.”
Marcus Meijer, CEO at MARK said: “Across our London portfolio, we are creating new landmarks that will enhance the cityscape of the UK capital. 100 West Cromwell Road combines high quality design with delivering a genuinely positive social impact, with a focus on providing community spaces and promoting active and healthy lifestyles. This is all achieved while making an important contribution to local housing need through the on-site affordable housing provision. We look forward to working with Ardmore Construction, Maslow Capital and SevenCapital in taking this scheme forward.”