Zorin Finance is pleased to announce the completion of its largest development loan to date.
The £45m facility, over a 22- month term, will finance the conversion of an existing waterfront office building into a 209-unit BTR scheme, comprised mostly of studio flats. The loan is to a new-to-Zorin client and demonstrates the attractiveness of our product offering in a competitive mark place.
Despite HSBC’s recent departure, Zorin Finance believes Canary Wharf remains a sought after occupational and investment market. The development will be an example of Canary Wharf’s appealing ’15 minute city’ living, with a mixture of residential and commercial buildings in the vicinity and the nearest public transport stop only a 2 minute walk from the subject site. The studio units will appeal to students affected by the shortage of PBSA in London as well as recent graduates and professionals working in both Canary Wharf and the City.
Residents will also benefit from communal spaces at both ground floor and roof top level with water and wider city views. Additionally, virtually all of the units will include private outdoor space which is a feature unique to the immediate area.
The borrower is both experienced and diversified, successfully delivering a number of developments within London, the UK and further abroad.