Octopus Property has provided a £15.1m senior debt facility to Bellis Homes.
The facility was for the development of 19 one, two and three bed residential units and 11,000 sq ft of retail space in Chalk Farm, North London.
The existing site comprises the former “Marine Ices” property, and the new development seeks to maintain the original façade to construct a five-storey building with basement and ground floor commercial space.
Alan Fordham, managing director at Bellis Homes, said: “We are delighted to be working with Octopus Property.
“Chalk Farm remains one of the most sought after locations in inner London and when this opportunity arose the term sheet offered by Octopus Property best met our needs.”
This facility comes as Octopus launches its new lower priced development finance product, priced at 0.54%pm for loans up to 60% LTGDV.