The developer will use the funding to redevelop the former Antoinette Hotel into 89 residential units.

Investec supported the client through a challenging planning process to increase the number of units by 12%.

Following this, the loan was delivered at 53% loan-to-cost for a 33-month term.

Will Scoular, director at Investec Structured Property Finance, said: “We have been working with James Taylor Homes for a number of years, so it’s great to be supporting them on their latest development project. 

“Our expert team’s understanding of the quirks and pitfalls of developing brownfield sites enabled us to provide additional support throughout the process to help tackle some complex property issues.

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“This deal reflects our continued commitment to residential development finance and a desire to further grow our book in the sector, as well as reaffirming our appetite to back exemplary developers in strong locations.”

This is James Taylor’s second largest development to date and follows on from numerous transactions it has completed with Investec.

Emil Sohrab, chief executive at James Taylor Homes, added: “We are pleased to be working with Investec again to secure acquisition and development financing for this exciting project to redevelop a former hotel in Kingston. 

“The proposed scheme will offer a broad range of high-quality unit types and price points, which we hope will serve the local community well.

“We have continued to partner with Investec across their various segments during the last decade and their guidance and expertise has been invaluable to assisting with our growth in that period.”