Photo shows the quality of views from one of the upper floor apartments looking South East
We’ve agreed to provide residential developer London Green and equity partner Orlandis Capital with a £12.6 million senior loan to fund the acquisition of a part vacant office building on the Isle of Dogs in East London. The property benefits from Permitted Development Rights for conversion into 63 residential units and London Green is intending to further enhance the planning.
Our second Commercial Real Estate Debt Fund (“CREDF II”) will provide the facility. Repayment will be by development finance with Octopus Property acting as the lender, again demonstrating the advantage of working with a lender that provides flexible and competitively priced financing through the whole borrowing process.
The existing seven-storey building, Boatman’s House, provides 48,500 sq. ft of office space, with one part currently occupied and the rest of the building vacant. The conversion of the site will provide a mix of studios as well as one and two bedroom flats.
As part of the vibrant mixed-use commercial and residential hub around Crossharbour station, the property benefits from excellent transport links, with the entrance to the DLR station just 50 meters away and Canary Wharf tube station less than a 15 minutes’ walk. The site lies within the Isle of Dogs Opportunity Area, where capacity for a minimum of 10,000 new homes and 110,000 new jobs has been identified over the London Plan period to 2036.
London Green were advised by Debt Advisors, Mantra Capital.
