Maslow announces a strong close to 2020 with the successful completion of two transactions in one day, with a combined loan value of £51m
Specialist real estate development finance provider Maslow Capital has today provided £51m across two residential schemes in the south of England.
- £37m will see the phase one development of a “2nd home scheme”, located within the long established “Cotswold Water Park” area
- An additional £14m facility will be used to develop a residential scheme situated in the Tottenham regeneration zone, NE London.
With a gross development value of £82m, the first transaction of £37m, will fund phase one of an overall scheme, consisting of 63 x 1,000 sq. ft apartments across 8 blocks, all of which are located around the shoreline of “The Lakes” with waterside views in the Cotswolds.
The second development, which is located in Tottenham, in the borough of Haringey NE London, will add 48 apartments and 2 commercial units to an area experiencing increased demand brought on by the new £1bn Tottenham Hotspur Stadium, and its surrounding £60m regeneration. With a gross development value of £28m, the scheme which already has planning permission will have dual aspect views overlooking an internal courtyard space and the external surrounding area. As part of the developer’s commitment to the local area, regeneration work will also be carried out on the adjacent park.
“We are very happy to have progressed and completed on these two development facilities in the midst of a pandemic. Both borrowers are experienced developers who have secured excellent planning permissions on their respective developments. The scheme in the Cotswolds is in an area of natural beauty, and with the impact of COVID-19, demand for this product has seen significant growth, as people within the UK seek “staycation” holidays. The second development, which is located in Tottenham, will be aimed towards families and first time buyers. The scheme also includes a provision for “affordable office space” which will help to generate employment in the local area.”Emma Burke, Deal Origination