Galliard Homes, Cain International and construction firm O’Shea have received a £65.5m stretch senior development facility from NatWest for the development of Orchard Wharf in London’s Docklands.
The funding will go to the special purpose vehicle Orchard Wharf Developments, to build 338 new homes in the area.
The development sits on the 0.9-acre site of a former petrol station, on the banks of the River Lea neighbouring East India Docks. It comprises a 24-storey tower, with blocks of 20, 17, 11 and 8 storeys.
Orchard Wharf will provide 240,000 sq ft of living space – with 59 affordable homes and 43 intermediate homes – and a further 4,5000 sq ft of commercial space. More than 70% of the homes have been sold and completion is due in 2021.
Ashley Toy, director at NatWest Real Estate Finance, said: “This transaction is a great demonstration of our ability to deploy more complex debt structures for our long-standing clients, at the same time providing consistent and sustainable support to the London residential market.”
Stephen Conway, executive chairman at Galliard, said: “NatWest takes a flexible and pragmatic approach to development funding and has continued to provide valuable support to Galliard throughout our relationship on numerous development schemes across the capital.”
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