Cheyne Capital provides £92.25 million senior loan for 292-apartment Bermondsey development

We are pleased to have provided a £92.25 million senior loan to fund the construction of THE BeCa, a build-to-sell development of 292 New York-style apartments in Bermondsey, South-East London.

Located on Old Kent Road, THE BeCa is designed by London’s award-winning architects, Farrells, and will include a concierge, co-working space, a private fitness suite and communal roof terraces, all positioned above active ground-floor commercial spaces.

Cheyne Capital is providing the funding to a joint venture between Avanton and Housing Growth Partnership, a subsidiary of Lloyds Banking Group, which will use the loan to refinance the existing facility. Construction is expected to be completed in 2027.

The scheme forms part of Avanton’s ongoing regeneration of the Ruby Triangle on Old Kent Road, which will deliver more than 1,600 new homes across five buildings, alongside commercial space, creating a new, mixed-use quarter in South-East London.

Against ongoing housing supply constraints, we continue to see demand for high-quality, well-located residential schemes across London, particularly in areas benefiting from redevelopment and improving connectivity. Testament to this is the fact that nearly 40% of the homes in THE BeCa were already pre-sold at closing.