Urban Exposure is providing an 拢83.3m (鈧�92.8m) loan to Strawberry Star Group to help fund a residential development in the east of England.
The UK residential development finance provider said it will provide the senior development finance facility to the London-based property company to fund the development of LU2ON, a 6.8 acre site previously occupied by Vauxhall Motors.
The site is situated just a two-minute walk from Luton Airport Parkway train station.
The loan, which completed in November, formed part of the 拢522m of new loans Urban Exposure completed between May and the year-end 2018.
The initial funding will finance the construction of residential phase 1, consisting of 400 units, including suites, one- and two-bedroom apartments (78 of which are affordable housing), the initial ground works for residential phase 2, and a public piazza.
The forecast gross development value for phase 1 is expected to be 拢94.6m.
Randeesh Sandhu, the CEO of Urban Exposure, said: 鈥淭his development will be hugely beneficial for the local community and reinforces our focus on the provision of core housing for first-time buyers and young professionals.鈥�
Kekul Shah, a director in charge of capital at Strawberry Star, said: 鈥淟U2ON is our first major foray into the London commuter belt to offer the UK capital鈥檚 lifestyle in Luton at prices achievable for buyers 鈥� especially first-time buyers, young families and commuting professionals.鈥�
