LaSalle Investment Management and APG have agreed a new £89m loan from their £440m residential debt vehicle.
LaSalle Residential Finance I is providing £89m of debt to a joint venture between United House Developments and the owners of Business Design ?Centre Group, City North ?Finsbury Park.
The four-year whole loan will partly fund the partners’£200m residential-led mixed-use scheme, City North, adjacent to Finsbury Park station.
It will be drawn down ?in stages from LRF, which ?was launched in May last year. LRF doubled in size to £404m last month after a further £202m of investment from LIM and APG.
The Benson & Forsyth-designed scheme will comprise 308 private flats, 47 affordable homes, and 120,000 sq ft of commercial space adjacent to Finsbury Park Underground.
Michael Zerda, fund manager of LRF and European director of debt investment and special situations, said: “The scheme will bring much-needed ?housing, retail and leisure amenities to an under-supplied but growing area.”
Bridget.O’Connell@estatesgazette.com
