West Hampstead-based Zamek Group signs £19m deal to create new homes
Property business Zamek Group has signed an eight-figure deal to support its latest residential development.
The West Hampstead-headquartered company secured the £19m debt finance agreement with entrepreneur bank OakNorth.
Zamek Group will use the multi-million pound boost to convert Brenchley House, a seven-story office building in Maidstone, into a mixed-use scheme with 192 residential units.
The homes will comprise 139 studio flats, 53 one-bed apartments and ground-floor retail space.
When the entrepreneur behind Zamek Group, Nir Zamek, bought the site there was permission to develop 84 flats. He went on to secure the greenlight for 192 units.
Nir said: “Since our founding 24 years ago, our strategy has been to build a portfolio of well-located and well managed residential units, and let them to a broad range of tenants, including students, young professionals and families.
“Maidstone is a large, historically important town which due to its proximity to London, is a favourite amongst these demographics. It is also popular with small- and medium-sized business owners, particularly law and accountancy firms, and media companies.”
He continued: “We found the experience with OakNorth very refreshing – we enjoyed meeting the Credit Committee and it was clear that OakNorth and Brotherton have worked together before from the seamless communication between the two parties.”
OakNorth debt finance director, Surinder Sidhu, commented: “The 2021 Strategic Development Plan for Maidstone seeks to set out a vision and programme of projects to develop and improve the town centre including enhancing retail, leisure and business.
“Developers such as The Zamek Group are playing a vital role in this, helping to preserve the town’s unique history, whilst also bringing some much-needed new homes to the area.”
Surinder added: “It was great to once again work with Brotherton on this transaction – they take a similar approach to us, reacting quickly and working collaboratively with the borrower.”
Work on the Brenchley House development is due for completion this summer.