The £277m deal is Quintain’s largest development loan to date, delivering 769 new homes.
74% of the homes delivered will be build-to-rent, the balance including shared ownership, affordable rent and discount market rent homes, with both residential buildings expected be completed by early 2025
Long term partners Quintain and John Sisk & Son have also signed the largest construction contract to date at Wembley Park of £227m for the residential development and the completion of a new 7-acre park
Quintain, the developer and build-to-rent operator behind Wembley Park, and US multinational investment bank J.P. Morgan are today announcing a £277m deal to finance the construction of two new residential buildings at the latest Wembley Park development site, called North East Lands.
The deal was finalised this week and marks Quintain’s largest ever development loan and demonstrates confidence in Quintain, the Wembley Park development, and the BTR market in London.
Forming the first part of Wembley Park’s North East Lands neighbourhood, the residential buildings will deliver 769 out of the new 2,000 homes planned for the area, as well as local shops, cafés and restaurants overlooking the new 7-acre park.
Both buildings are expected to be completed in early 2025, alongside the delivery of 7-acre Union Park – Wembley’s first new park in over 100 years – which will provide seven acres of new green space for the community, 3.5 of which are already complete.
NE02 and 03 will add 665 Build-to-Rent homes to Quintain Living’s portfolio of 3,624 homes already under management and marks the start of the next significant phase of development at Wembley Park.
Demolition and enabling works on the site began in January 2022 and this week Quintain also signed a £227m fixed price construction contract with John Sisk & Son to complete the build, turning what was surface car parks into thriving a new community.
James Saunders, CEO of Quintain, said “This deal with J.P. Morgan is yet another sign of the financing market’s confidence in Quintain and our product in a time of economic uncertainty
The post Wembley Developer Quintain finalises £277m financing deal with J.P. Morgan appeared first on Built Environment Networking.
