Property duo secure £10m loan for Silicon Roundabout and Hackney schemes
Two entrepreneurial property developers have secured a £10m loan for the delivery of residential projects across Hackney and the ‘Silicon Roundabout’ area.
Nicole Bremner and Avi Dodi will use the eight-figure funding from OakNorth bank to develop four large penthouse apartments in the City Approach building on City Road.
The loan will also enable the pair to create a four-storey property housing nine apartments on Dalston Lane in Hackney. The scheme will include commercial space across its ground floor and basement level.
Nicole is the founder of two property businesses, East Eight and London Central Developments. Business partner Avi Dodi has a commercial and residential portfolio encompassing sites in the UK, US and Israel.
Together, the duo have completed more than 10 projects to date with a combined GDV of £64m.
In a joint statement, they said: “We have successfully completed projects across London both together and separately in the past, including in Hackney, but this is our first in Tech City, so we’re very excited to get started.
“OakNorth’s support has been invaluable – the team have excellent knowledge of the London property market and were as committed to getting the deal done as we were which was very refreshing.”
Priya Chauhan, debt finance director at OakNorth, said of the transaction: “Islington’s popularity as a residential district has increased substantially over the last few years, and Hackney has become one of the most popular boroughs in London with average house prices increasing by 700% in the last two decades.
“Both Nicole and Avi have an exceptional track record of delivering mixed use, resi and commercial projects across London together and separately, and we look forward to working with them on additional deals in the future.”
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