Atelier has agreed to fund a £34.5m GDV flats scheme in Chertsey, Surrey, with a stretched £26m senior loan – its biggest to date.
The 18-month term facility will allow Sheen Lane Developments to convert an existing three-storey office building at Syward Place into a five-storey residential project.
When complete, the 66,200 square foot development will feature three studios and 124 one, two and three bedroom apartments.
In addition to the approved scheme, there is further potential to provide a mix of apartments and townhouses on one area of the site, which currently houses 240 parking spaces.
Sheen Lane Developments will begin construction in the fall, with all homes expected to market in 2024.
Martin Gilsenan, Chief Originations Officer at Atelier, said: “We immediately saw the potential of this location and shared the developer’s vision for its transformation.
“Sheen Lane has unparalleled experience in office-to-residential conversions and is known for its high quality specification and design, and we were delighted to help them secure this acquisition.
“This is our largest loan to date and underscores our commitment to supporting developers with fast lending decisions and financing solutions tailored specifically to each borrower’s needs.”
Martin Tynan, Director of Sheen Lane Developments, added: “Atelier is one of the most nimble development lenders in the UK, and we were able to close the financing deal in 13 days, timing being an essential aspect of this negotiation.
“This is a prime location with excellent transport links to London and we look forward to providing much needed accommodation for people in the community.”