Rocket Investments has secured a £240m financing package to develop a £400m mixed-use tower scheme in the heart of London’s booming Tech City area.
Lloyds Banking Group, ICBC and the Bank of East Asia are providing the senior element of the whole loan, while Urban Exposure and Highbridge Principal Strategies will provide the mezzanine financing.
The loan will finance the development of the Atlas Building (pictured) at 145 City Road, EC1, a 40-storey residential tower with 302 flats.
The scheme also includes an 82,000 sq ft office block and 9,000 sq ft of shops, cafés and restaurants.
Work has already started on the MAKE Architects-designed plans and is expected to complete in 2018.
A public piazza between the residential tower and the office building will form a new pedestrian link between City Road and East Road.
The tower will rise to almost 500ft, making it the tallest building in the Tech City area.
The loan is the latest example of the growing role of non-bank lenders in residential development.
Urban Exposure chief executive Randeesh Sandhu said: “As banks continue to step back from residential property lending, it is essential that financiers such as Urban Exposure are able to meet the increasingly complex financing requirements of developers.”
