The development (pictured above) is being funded through a £13.4m senior loan from Zorin Finance.
The former office and retail building is set to be demolished to make way for 78 new one- and two-bedroom apartments for rent with a communal rooftop terrace and 7,998 sq ft of ground-floor retail.
The development is set to take 14 months to build with practical completion anticipated for Q1 2020.
Inspired Asset Management purchased the building in 2015 and obtained planning permission for the scheme in 2016.
The development – which has an estimated GDV of £21m – is expected to generate around £1.75m gross rental income per annum.
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Commenting on the deal, John Kerrigan, director at Arc & Co, said that the funding of this residential development was welcome news in a difficult market.
“It proves that there is still funding available for well-located, well-designed schemes, which are sensibly priced and supported by a good calibre sponsor.”
Martin Skinner, chief executive at Inspired Asset Management, added: “I’m delighted to announce that we have secured development finance for this exciting scheme, Inspired’s first wholly new-build development, and we can now look forward to adding another asset to our emerging build-to-rent portfolio.
“Crawley offers fast trains to London as well as being a local employment hub just 4.5 miles from Gatwick Airport.
“There is strong rental demand, especially for high-quality new homes located in the town centre.”