Ingenious today announces that Ingenious Real Estate Finance has completed a £26m loan financing deal to support the development of a mixed-use scheme consisting of 88 apartments, commercial space and a gym at the former Boleyn Cinema site in East Ham, London.
This deal was introduced by broker Daniel Sovitch at Life Financial Solutions.
The development will consist of 88 1, 2 and 3-bed residential units along with commercial units and a gym.
The site is located next to West Ham’s former football stadium, Upton Park.
The new build element of the scheme will be a 5-8 storey building comprising four blocks around a communal courtyard with additional roof gardens. Each flat will have a balcony or terrace.
This is one of a number of recent new transactions Ingenious Real Estate has closed. Including two loans for £26m in support of the development of 55 new-build family homes in Somerset and Devon; a Bridging loan against an asset in Battersea, South West London and our first Industrial development facility to fund the construction of 48 industrial units near Poole.
These new transactions demonstrate Ingenious’ support for residential and commercial real estate development and projects across the UK.
Howard Sefton, Senior Director of Real Estate at Ingenious, commented: “We are delighted to have supported the development of such an important site, working with Daniel, Adil and Imran was a pleasure and we look forward to supporting them through the build. We continue to see record growth year-on-year in the developments we support, a direct result of the fantastic team we have here at Ingenious which is continuing to expand in both size and expertise. We remain confident regarding the longer-term outlook for the real estate sector despite recent headwinds, particularly the continued demand for quality residential space for owner occupation and rental. We are committed to supporting real estate developers with flexible financing solutions to meet demand.”
Daniel Sovitch, Director of Life Financial Solutions, says: “I would like to thank Howard, Rupert and Anabelle at Ingenious for their flexible approach and proactivity in getting this facility over the line. It’s always exciting to follow the progress and build of a project like this right to the end to project completion and I’m delighted to have played a pivotal role in helping it get there.”
Adil Naeem of Boleyn Heights, says: “My family has owned this site for over 20 years, bringing forward our vision of regenerating the Old Cinema site. We are very pleased to have worked with both Daniel and Howard to secure financing for the site and I am excited to start construction.”
Formed in 2013, Ingenious Real Estate focuses on providing senior development and bridging finance to well-designed schemes in locations across the UK that have a proven demand. Typical loan terms are 18-30 months, and the team has since completed more than £600 million worth of transactions. The current portfolio balance is weighted towards residential, with the majority of Ingenious developments qualifying for Help to Buy.