Recognise provides £7.5m bridging loan for Canary Wharf co-living project
By Elliot TophamRecognise Bank has provided a £7.5m facility for a co-living accommodation block in canary Wharf.
Section: Case Studies
The loan, which has been extended to support the costs associated with a project following the signing of a long leasehold agreement, will see a vacant office block demolished and developed into a 46-storey co-living arrangement.
The redevelopment is set to house 795 units, a residents' lounge, cinema room, fitness studio, and gym.
The loan term for this substantial financial support is set at one year, by which time the borrower will aims to be in a position to progress with this ground up development.
Ben Peters, director of strategic partnerships at Recognise Bank (pictured above), commented: "We are proud to be part of such an exciting venture that combines innovation, sustainability, and community living."
Mark Slatter, chairman at Olympian Homes, added : "This facility will allow us to commence site investigation works, progress the scheme design to BSA gateway 2 and demolish the existing structure in preparation for seeking an equity partner to build out the project. Many thanks to the team at Recognise for their support."
Keywords: Mark Slatter, Ben Peters, Canary Wharf, development bridge, Recognise bank, Olympian Homes, short term finance