The first, Bridge House is a 61-apartment scheme in Chertsey includes a £12.9m senior loan from Amicus.
Bridge House, an early 2000s office building, will be refurbished and extended to provide 39 one and two-bedroom micro-apartments and 22 standard-sized one and two-bedroom apartments close to Chertsey Bridge and the River Thames. The scheme has an estimated GDV of £20.4m. Chertsey is an employment hub with Samsung, Sony, Toshiba, Procter & Gamble and McLaren all nearby.
The second secures £5.2m for a 25-unit build to rent scheme in Farnborough includes a £3.9m senior loan from Octopus.
25 two and three-bedroom maisonettes off Westmead in Farnborough town centre will be refurbished and reconfigured to create high-spec flat shares for rent on a room by room basis. The scheme has an estimated GDV of £6.2m and is situated just 0.4 miles from the railway station for a fast 34-minute train to London Waterloo.
John Kerrigan, Director at Arc & Co. Structured Finance, said: “The completion of these two high calibre development transactions, along with the £44m Impact House development loan, concludes a very busy, but successful period for Arc & Co, Inspired and our funding partners. To complete three development transactions of this scale and complexity could not have been achieved without very close working relationships between all of the key parties involved.”
Keith Aldridge, Managing Director at Amicus Property Finance, said: “We are delighted to have been able to support this project – a relatively complex deal, driven to success by an experienced and proactive developer and broker, plus valuers Kempton Carr Croft and FieldFisher who managed the legalities. Overall, this is a great example of where effective stakeholder collaboration worked in partnership with our experienced underwriting team to deliver a great result.”
Emma Burke, Head of Development Origination at Octopus, said: “We were delighted to work with Arc & Co., one of our key partners, to structure and fund Inspired’s latest development scheme with our new 65% LTGDV low cost senior stretch development product. This is an extremely well-located residential scheme and forms part of an exciting development portfolio.”