Maslow Capital finances £258m development loan for Kensington development

The seven residential blocks are being developed by a 50:50 joint venture between UK developer SevenCapital and real estate investment manager MARK.

This is Maslow Capital’s fifth and largest facility to date for SevenCapital, the lender having funded five of the developer’s previous residential and mixed-use projects across the UK.

The scheme will feature a 29-storey residential tower, which will be the tallest building in the Royal Borough of Kensington and Chelsea, 12,000 sq ft of commercial space and 24,96 sq ft of community and leisure facilities.

James Henry, who originated and structured the deal at Maslow Capital, said: “We are delighted to support the delivery of this development that will redefine the Kensington and Chelsea skyline with its tallest residential tower.

“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.”

He said that despite near-term economic volatility, Maslow remained focused on long-term market fundamentals and had a strong appetite for funding well-located, high-quality, living-sector assets.

Damien Siviter, group managing director at Seven Capital, added: “The 100 West Cromwell Road project will form an exceptional new landmark for The Royal Borough, using rare and disused brownfield land to bring high-quality 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.”

Work is expected to start on site in summer with a phased development approach and the scheme is expected to be completed in four years.

Source: Property Week