Trowers acted for Maslow Capital in connection with a £18.1m loan facility to Yari Investments to fund the development of a Build to Rent Co-Living scheme at High Street, Feltham, London.
Maslow Capital are a debt finance business, providing development loans to experienced developers in the UK. Maslow provide debt for a wide range of schemes including Residential, Build-to-Rent, Co-living, Purpose Built Student Accommodation and Retirement Living.
On this transaction, we advised Maslow in connection with an £18.1m loan to Yari Investments Limited (a UK incorporated SPV borrower). The purpose of the loan was to refinance the costs incurred by the Borrower in acquiring a freehold property in Feltham and to fund the development of that property into a 6 storey Co-Living scheme, comprising 121 studio units plus concierge and bicycle storage and a communal co-working space and coffee / bar area across the ground floor.
MY Construction will be developing the property using modular construction techniques, prefabricating the co-living units within the UK at their off-site production facility. This represents a growing trend of modular technology being used in the construction of residential and co-living property.
The Trowers deal team comprised Chen Ikeogu, Lilli Sutherland and Jerry Wang (Banking); Jo Judge and Gary Leckenby (REFS); and Michael Chilton and Amy Bentall (Projects & Construction).
Partner Chen Ikeogu, commented:
"We are delighted to have been able to support Maslow on this transaction. We have seen increased deal flow across BTR and see this asset class as a real growth area, which plays into our strengths across Real Estate, finance and construction. We are also pleased to have supported a development which has strong ESG credentials, which dove-tails nicely with Trowers' ethos and values."
