The development will be undertaken by Earlsriver Ltd, a JV between property developers Chris Mason and Raj Sond, and Orlandis Capital .
The JV is backed by CPC Group, the residential development business set up by Christian Candy.
RS Property Finance provided an additional £4.4m of debt, while Orlandis invested £16m of equity.
The funding will be used to develop a major mixed-use building located within a five-minute walk of Earlsfield railway station.
The building will comprise 129 residential units, of which 24 will be affordable homes, as well as almost 12,000 sq ft of commercial space.
Andrew Chrysostomou from Orlandis said it sought to provide equity and strategic support to established developers.
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“We focus on areas of regeneration where there is both a need and opportunity to increase and enhance London’s housing stock.
“Earlsfield is exactly such an area with strong transport links, a vibrant community and unused space which can be reintroduced to the market.”
Damien Hughes, senior debt finance director at OakNorth, added: “Both Chris and Raj have extensive experience and a proven track record in property development and investment.
“Their backing from Orlandis is testament to the credibility and strength of their development approach, and their understanding of the unique development opportunities beyond zones 1 and 2.
“We look forward to working with them on future projects.”