Maslow lends £258m for Kensington’s tallest tower

Maslow Capital has provided a four-year £258m development loan to Seven Capital and Mark to fund the delivery of a 462-home prime residential-led scheme in Kensington, west London. The facility will support the development of 100 West Cromwell Road, W14, by UK developer Seven Capital and pan-European real estate investment manager Mark. Ardmore Construction has been appointed as the main contractor. Comprising seven residential blocks, including a 29-storey tower, 100 West Cromwell Road will offer a mix of studios and one, two and three-bedroom flats. Some 40% of the homes provided will be affordable. The development will also include more than 12,000 sq ft of commercial space and 24,596 sq ft of community and leisure facilities. Ellis Sher, chief executive and co-founder of Maslow Capital, said: “The construction is highly complex, with the property being built above an operating Tesco car park. In supporting this deal we have strong conviction that the sponsors can navigate these challenges and deliver what is set to be a remarkable scheme.” James Henry, deal origination at Maslow Capital, who was responsible for originating and structuring the deal alongside senior partner Matt Pigram, added: “Despite near-term economic volatility, Maslow remains focused on long-term market fundamentals and maintains a strong appetite for funding well-located, high-quality living sector assets. This transaction further showcases our extensive funding capabilities, and we look forward to funding more projects of this magnitude throughout 2023.” Damien Siviter, group managing director at Seven Capital, said the deal was its fifth with Maslow and would enable it to create an “exceptional new landmark” at 100 West Cromwell Road, making use of rare and disused brownfield land to bring high-quality new homes and amenities to the area. Mark chief executive Marcus Meijer added: “100 West Cromwell Road combines high-quality design with delivering a genuinely positive social impact, with a focus on providing community spaces and promoting active and healthy lifestyles. This is all achieved while making an important contribution to local housing need through the on-site affordable housing provision.” Start on-site is expected this summer, with a phased development approach. The full lifecycle of the project is expected to span four years. To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews Photo © Maslow Capital