Development funder Pluto Finance has provided backing for a £50m residential project in Southend.
The Beaumont Court and Richmond House project, which is being led by South-east developer Randall Watts, will provide 227 private sale and 52 shared ownership homes.
Pluto Finance has backed the scheme with a stretched senior development loan.
The project will sit in the heart of a wider Southend regeneration project, which will include both retail and leisure space, as well as full refurbishment of the town’s railway station.
Commenting on the deal, Pluto Finance partner Justin Faiz said: “We are delighted to have supported this landmark scheme, which will deliver much-needed residential accommodation in Southend and contribute towards the regeneration of the town centre.”
The firm has previously backed major housebuilders, including Galliard Homes.
In November 2015, Pluto loaned £30m to Galliard to help it develop Trinity Square, a 228-home scheme in Hounslow.
Other schemes the company has backed include Leven Wharf, a 96-home scheme in Canning Town, and the 33-home Wilmer Place development in Stoke Newington.
Finance firm backs £50m Southend regeneration