UK-based property development firm Quintain has secured £150.9m financing from US-based investment bank Goldman Sachs to fund the construction of three new buildings at the North West London site.
The financing package will be used to build two neighbouring plots NW09 and NW10, which are made up of three distinct blocks, as part of Quintain’s 8,500-home Wembley Park masterplan.
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The plots will deliver a total of 396 build-to-rent homes, which will be operated by Quintain’s rental management platform.
Planned to be completed in May 2022, the NW09 and NW10 will comprise 117 affordable homes. The build-to-rent buildings will range from seven to 21 storeys.
Quintain CEO James Saunders said: “Completing our latest funding round with Goldman Sachs marks a fantastic start to 2020. Their teams’ understanding of the Build to Rent (BtR) market and adaptability has enabled us to secure a financing structure tailored to our specific needs.
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“The funding will continue the transformation of Wembley Park as we head into one of our most exciting years yet with Euro 2020 and the launch of the London Borough of Culture over the comings months.”
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By GlobalDataThe development will include 1,000m² of ground-floor retail space and 1,200m² of space for a GP surgery.
Goldman Sachs official Chris Semones said: “We are delighted to be backing Quintain in Wembley Park. This transaction continues our originate-to-hold strategy for large loans against high quality projects with excellent sponsorship. In particular, this loan extends our recent track record of investing in UK.
“BtR projects that are supported by strong underlying demand fundamentals. This transaction brings our total European credit investing over the past three years to $1.4bn through our real estate debt funds, Broad Street Real Estate Credit Partners.”
The NW09/10 development will feature a range of amenity spaces such as a large private landscaped garden comprising a children’s play area, as well as secure parking spaces for residents.
Quintain’s Wembley Park development has already secured two financial packages over the last 12 months.
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Illustration of Wembley Park NW09 development. (Credit: McLaren Construction Group)
