The project will provide 1,152 units, of which 40 per cent will be allocated for affordable housing.
It spans 1.4 hectares and includes two towers, one of 48 and one of 40 storeys, along with a church, a community sports hall and fitness centre.
It also provides new connections and open space including a public park, flexible commercial space including incubator workspace and studios for local entrepreneurs, and private residents’ amenities.
The loan is the second Fortwell Capital has extended to Avanton, and the third major facility written by the firm in the past month, bringing the amount of capital deployed by the lender since the end of February to more than £131m.
Address London’s new homes demand
James Wright, head of real estate finance at Link Asset Services, said that this deal puts a solid foundation under a major development on the Old Kent Road.
He added: “This is an impressive scheme that will bring significant benefits to the local community. We’re proud to play a role in advancing the project and look forward to seeing it join the skyline of South London.”
Omer Weinberger, managing partner at Avanton, said: “Creating over a thousand new homes, our development will help address London’s current demand for new homes.
“Like all our schemes, Old Kent Road will put community first with the new sports facility, new public park with outdoor gym equipment and children’s play areas.
“Our onsite incubator space, dedicated to local entrepreneurs and startups will contribute to the regeneration of Old Kent Road, making it a vibrant location for years to come.”
Dan Smith, executive director of Fortwell Capital, added: “Ruby Triangle is a first-rate scheme and it is great to once again be supporting Avanton in bringing forward a development that will deliver much-needed homes for London.”