Investec’s structured property finance (SPF) division has underwritten a senior facility for Comer Homes, a luxury residential real estate developer.
The £23 million ($37 million; €27 million) facility will be used to finance the completion of Comer’s Bradstowe House project in Harrow, UK. The project involves the development of 177 one and two-bed apartments with secure, covered parking, together with commercial premises. It is due to complete by early 2015.
The compleed property will have a gross development value of more than £62 million, Investec said in a statement announcing the deal.
Investec’s SPF unit provides debt financing for commercial, residential and mixed-use real estate market. In October, it underwrote £60 million of debt facilities.