Quintain finalises J.P. Morgan loan for two BTR schemes

Quintain finalises a £277m financing deal with J.P. Morgan to deliver two new Build to Rent buildings at Wembley Park’s North East Lands.

The two Quintain Build to Rent developments at North East Lands and Union Park financed by J.P. Morgan deal | BTR News
The two Quintain Build to Rent developments at North East Lands and Union Park financed by J.P. Morgan deal. Image credit Haworth Thomkins.

Quintain has finalised a £277m financing deal this week with J.P. Morgan to deliver two new Build to Rent buildings at Wembley Park. The deal marks Quintain’s largest ever development loan and demonstrates confidence in its Wembley Park development, and the Build to Rent market in London.

Forming the first part of Wembley Park’s North East Lands neighbourhood, the residential buildings will deliver 769 out of the new 2,000 homes planned for the area, as well as local shops, cafés and restaurants overlooking a new seven acre park.

“This deal with J.P. Morgan is yet another sign of the financing market’s confidence in Quintain and our product in a time of economic uncertainty elsewhere in the market. We’re delivering another 769 homes at Wembley Park, along with Union Park at the right time and at the right cost. We look forward to our ongoing partnership with J.P. Morgan, as well as contractors John Sisk & Son, who we’ve worked with for 18 years at Wembley Park.”

James Saunders, CEO, Quintain

Demolition and enabling works on the North East Lands site began in January 2022. Both Build to Rent buildings are expected to complete in early 2025, alongside the delivery of Union Park – Wembley’s first new park in over 100 years – which will provide seven acres of new green space for the community, 3.5 of which are already complete. Quintain also signed a construction contract with John Sisk & Son to complete the build – turning the surface car parks into a thriving new community.

Currently called NE02 and NE03, the North East Lands buildings will add 665 Build to Rent homes to Quintain Living’s portfolio of 3,624 homes already under management – and marks the start of the next significant phase of development at Wembley Park.

“We are delighted to work with the Quintain team in helping them deliver two new residential buildings in Wembley Park. Quintain’s track-record in delivering and managing market leading Build to Rent products in London was one of the key reasons driving our interest in this transaction. In addition to the 655 Build to Rent apartments we are happy to help Quintain deliver a combination of shared ownership, affordable rent and discount market rent apartments.  

“This transaction, against a backdrop of heightened market volatility and inflationary trends, highlights our commitment and capabilities in the European construction finance sector.”

Rahul Sule, Co-head of J.P. Morgan EMEA and APAC Real Estate Finance