Investec Structured Property Finance has provided a joint venture between Henderson Park and Greystar an £80 million loan in conjunction with its partner Lender, Bank of Ireland, to fund the delivery of a 257-unit Build to Rent (BTR) scheme on the three-acre Equipment Works regeneration scheme in Walthamstow, London.

Equipment Works is a £130m mixed-use regeneration project in the borough of Walthamstow, located opposite Blackhorse Road station. The JV acquired the scheme in January 2019 and work has already begun on site.

Joshua Weinstein, at Investec, said: “Our confidence in backing this scheme is twofold: the barriers to entry for home ownership in London are high; whilst in Henderson Park and Greystar we are partnering with two of the most sophisticated and credible real estate businesses currently amassing significant BTR portfolios in London. In relative terms, the sector in London is still nascent, but the simple supply demand dynamic for residential property favours those who are able to deliver high quality purpose built schemes in sought after locations.

“This deal also demonstrates our ability to match the expertise and relationships we have with access to other sources of capital. This enables us to partner other lenders and provide clients with significantly sized bespoke funding packages, beyond the scope of our own balance sheet and across a range of asset classes.”

Half of the finance package was arranged with Bank of Ireland, with Investec providing the balance.

Nick Weber, Founding Partner of Henderson Park, added: “This loan finances our Equipment Works project with Greystar through completion and lease up, delivering first class homes into a newly established neighbourhood in a hugely undersupplied London market. Working with Investec we have found a very flexible lender that not only understands our specific needs but also the wider context of the London Build to Rent development market.”