Ziser London has received a £11.7m senior loan from ASK Partners secured against a single-storey retail warehouse.
The warehouse, which is currently let to Matalan, is located on a 2.2-acre freehold site on Cricklewood Broadway near Hampstead Heath and Brent Cross shopping centre.
The 18-month loan facility has been provided to refinance an existing lender and allow Ziser London more time to complete the pre-construction phase ahead of implementing the consented planning permission for a 239-bed build-to-rent (BTR) scheme on the site.
Guy Ziser, director at Ziser London, said: “We are delighted to have been able to secure financing with ASK to help us pursue our strategy for this site. We always take a long-term view on an asset’s growth potential and working with ASK has given us the flexibility to be able to take a view that will enable this asset to reach its full potential in terms of value.”
Elliot Blatt, head of origination at ASK, added: “This is an excellent redevelopment site and is a great option for a residential strategy given its location and size. It was a pleasure to work with Ziser London and we wish them well with their business plan for the sale of the site.
“This transaction brings ASK’s loan book to £1bn; a milestone we’re very proud of, particularly in such challenging economic times. We believe our flexibility as a lender is what has enabled us to continue lending through the cycle by backing well-capitalised borrowers with creative strategies which look to respond to the fast-paced change in demand for UK real estate.”
The deal was brokered by BBS Capital. ASK was advised by Fladgate and Montagu Evans.
