OakNorth Bank has partnered with Cogress to fund a £16.5m mixed-use property development in Hackney headed up by URBANISTA.
OakNorth Bank has completed a debt finance deal of £10m to URBANISTA, the property developers behind a number of residential projects across London.
Cogress, the exit-oriented property investment company that OakNorth has partnered with on a number of deals in the past, has provided a further £3m of equity.
The finance will be used to purchase a vacant office block at 4-14 Spurstowe Terrace and in its place, develop a five-storey building with 24 apartments, including four affordable homes, and office space.
The total GDV of the property will be £16.5m. The property is located less than a minute’s walk from both Hackney Central and Hackney Downs stations – providing a direct service to Liverpool St in eight minutes - and is less than a mile from the bustling streets of Dalston.
In the last five years, Hackney has continuously ranked as one of London’s most desirable boroughs, with house prices rising by over 70% since 2012 to £520,000.
URBANISTA was established in 2011 and is run by its three partners – Steve Bowring, Michael Masaya Nagata, and Charlie Priester. The group has worked on a number of projects across London with a combined GDV of over £230m.
Commenting on the deal, Michael Nagata, partner and director at URBANISTA, said: “We are delighted to have the support of both OakNorth and Cogress on this transaction – Hackney has become an increasingly popular area in recent years and is in desperate need of new housing.
“As a developer focused on unlocking a property’s unique potential, we are excited to be working on this mixed-use development and look forward to its completion.”
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans.
For more information visit www.togethermoney.com
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