A £48 million loan has been agreed to help fund one of the largest regeneration projects in Europe.

Work on the Brent Cross Town regeneration is still ongoing and is set to deliver 6,700 new homes, workspaces for 25,000 people, as well as leisure facilities including restaurants and a cinema.

Additional funding by Close Brothers Property Finance has been given to developer Chase New Homes, which will aid the construction of 213 new private homes at the former PB Donoghue industrial site in Claremont Road, Cricklewood.

The development is made up of 251 units, 38 of which are described as affordable homes.

They include one to three-bedroom apartments across three separate buildings, each with access to private outdoor space through either a balcony or terrace, as well as access to the communal gardens.

Earlier this year, a small number of people began to move into some of the new homes built in Brent Cross Town.

The entire programme is set to be fully delivered over between 15 and 20 years.

Close Brothers Property Finance has previously provided finance for seven Chase New Homes developments since 2012, which included over 500 homes.

Gary Barton, managing director of Chase New Homes, said: “Close Brothers Property Finance’s personalised, customer-centric approach to lending makes them an ideal trusted and long-term financial partner.

"With their support we’re excited to get the new development at Claremont Road underway and help to build this new and vibrant community.”