The project — located directly opposite Blackhorse Lane station — will see the creation of 273 residential units, as well as new commercial co-working areas and a flexible performing arts events space.  

Once built, the development will complete the latest phase of an over £3bn regeneration of the local area, which is expected to provide more than 2,500 new residential living units (across BTR, co-living, PBSA and build-to-sell) and deliver substantial new community provisions, including a flexible performing arts events space and extensive amenities for tenants.    

Construction for the scheme is expected to commence no later than Q2 2023.

According to Puma, the deal — its largest loan to date — perfectly aligns with its development finance offering of up to 70% LTGDV across a 36-month loan term.

In terms of exit strategy, the completed asset is likely to be refinanced and held long-term by Scape Living.

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This is Puma’s third substantial loan completed for the London market in the last nine months, following the funding of a £65m GDV residential scheme in Stonebridge Park and a £52m GDV new sustainable office development in Parsons Green.  

Shane Ryan, director at Puma Property Finance, said: “The transformation of the Blackhorse Lane area is not only helping to address the acute housing shortage in London, but is also creating a diverse and sustainable community.

“This is the largest loan that Puma has provided to date, and it is telling that the funding will be used for a substantial co-living development, a sector in which we believe strongly and that looks set for significant growth in the coming years as it attracts further institutional capital support.  

“More and more people are discovering the benefits of the co-living model, which provides increased certainty of costs as well as providing a sense of community alongside state-of-the-art accommodation and amenities.

“We are excited by the vision of the Scape Living team and we look forward to partnering on other similar living schemes across the UK in the near future.”

Adam Brockley, founder and global CDO at Scape Living, added: “We are delighted to partner with Puma Property Finance for the first time. 

“The company has been a pleasure to work with throughout the process, and has demonstrated a commercial approach, great flexibility in a tight timeline, and a deep knowledge of the co-living sector.”