New London redevelopment project attracts £23m funding for new residential units
A funding partnership has announced that it has provided more than £23m of funding for the redevelopment of a residential property in London.
OakNorth Bank and real estate funding specialist ASK have provided a combined development facility of £23.6m to property developer Benjamin Goldkorn.
The funding will be used to redevelop 10,000 sq ft across two properties in St John’s Wood, which will become seven apartments and two duplexes, with three units already pre-sold.
The units, on Hamilton Terrace, are expected to be completed by the end of 2022.
Benjamin Goldkorn, developer of the project, commented: “We are very excited to be bringing this scheme to the market.
“Focusing on quality and space, with an array of amenities usually associated with a large development, but set behind the private façade of a Georgian villa in a serene neighbourhood setting.
“With a number of pre-sales already agreed, we are expecting demand to be high.”
Hemesh Patel, property finance director at OakNorth Bank, said: “We were delighted to assist with financing this development given the client’s strong track record and the quality of the proposed scheme.
“We take pride in our ability and expertise to successfully fund and support these types of projects and it has been a pleasure to work with ASK on another deal.”
Daniel Austin, CEO of ASK Partners, added: “This is an exceptionally well-located and impressive scheme that we were very pleased to help fund.
“ASK has worked with the borrower before on another successful central London project and we were delighted to work with them again.
“I believe there will be significant interest in this development given its prime location and the well-planned design and finish of the scheme.”
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