Investec has granted Comer Homes a £36m loan to fund the 204-apartment final phase of the development.
Mast Quay is on the south bank of the River Thames in Woolwich with two 14-storey blocks that were built in 2004-06. Comer Homes has permissions to build two more blocks, of 14 and 22 storeys, for the private rental sector.
Enabling works have already begun and completion of main construction is expected in December 2022.
As well as 2044 apartments for rent, there will be approximately 10,000 sq ft of ground floor commercial space across the two blocks.
This is Investec’s third deal with Comer Homes, having recently provided a £45m loan to fund the development of Royal Winchester House in Bracknell into 338 flats to rent.