Mera provides £3m bridging loan for Reading co-living scheme

The property developer, Elder, has submitted plans proposing 266 co-living rooms, with flexible lease options, and shared amenity spaces including a rooftop garden and terrace.

Elder has been in close consultation with Reading Borough Council and other stakeholders to advance plans for what they’ve claimed is the town’s first co-living scheme.

Mera Investment Management worked with James Gray, CEO at ARE Capital Advisors, acting on behalf of Elder.

Edward Matthews, CEO at Mera Investment Management, commented: “We are pleased to have played a role in supporting Elder’s exciting plans for Reading town centre.

“The redevelopment of Greyfriars House seeks to provide a new category of affordable accommodation to the area, a move which is welcomed by many, and we are proud to be involved in a scheme which could become high-quality new homes for young professionals and key workers.’’

Ed Marsh, director at Elder, said: "Following a constructive pre-application process with the council and positive engagement with the community and key stakeholders, it is clear that there is strong potential to introduce a new, flexible housing model in the heart of Reading.

“Mera Investment Management was the ideal lender partner for us.

“Traditional high-street funding options aren’t available for vacant offices anymore; the Mera team got behind this project and provided a high level of service to us and our legal team, which ensured our acquisition completed on time.”

James added: "ARE Capital Advisors are delighted to have supported Elder in securing this crucial financing for the first stage of the transformation of Greyfriars House.

“Mera's ability to swiftly provide a tailored funding solution was instrumental in ensuring the acquisition was completed on schedule.

“We look forward to seeing this development come to life and contribute to much needed housing in the region."