Delancey, the UK-focussed real estate asset, development and investment manager, has completed a £24.5m senior secured facility through its dedicated credit strategy to refinance a development site owned by a JV between Hurlington Capital and The V Fund.   

In May 2024, Hurlington Capital, who manage the project, secured planning consent for a 429-bed purpose-built student accommodation building and a 95-home affordable residential scheme to be delivered on two separate plots. The existing sites currently host c.44,000 sq. ft. of under-utilised commercial and light industrial buildings which will be re-provided in the scheme. 

  

The site is located within the wider Bollo Lane mixed-use masterplan, which includes a major housing project being delivered by a joint venture between Transport for London (TfL) and Barratt Homes. The completed masterplan will provide new homes, workspace, and retail all within a short walk of the amenities of Chiswick High Street and benefitting from exceptional transport links.  

The student accommodation provided within the scheme, which will be delivered for the 28/29 academic year, will serve to meet a significant undersupply in the local area and support nearby universities including, Imperial College, UWL and Richmond American University. 

  

Harry de Lotbiniere from Hurlington Capital said: “Delancey has proven to be a reliable funding partner for this transaction thanks to their flexibility, speed and certainty of execution. This loan will replace an existing financing facility and cover pre-construction costs as we look to move forward in delivering another market-leading PBSA-led residential scheme in an area witnessing significant regeneration and investment that will be supportive of our proposed development.” 

Commenting on the announcement, Martin Kom, Director of Real Estate Strategies at Delancey, said: ”We are pleased to partner with Hurlington Capital, a highly experienced sponsor with a proven track record, on this well-located opportunity. We are very excited by the regeneration already underway in the surrounding area, with the next phase, led by TfL, expected to attract substantial inward investment and drive long-term value appreciation. We remain convicted in the London PBSA sector, which continues to be underpinned by a fundamental supply-demand imbalance.” 

Delancey has been actively lending whole loans and mezz across different asset classes primarily in London, including participating in the £235m refinancing of 280 Bishopsgate, a c.275,000 sf, Grade A, BREEAM Outstanding, fully-let office building in the City of London, and participating in a £135m refinancing of the Notting Hill Gate Estate, a rare, near full-let, c.185,000 sf freehold estate.