UK investment and advisory group Zenzic Capital has provided a mezzanine financing facility for a residential property development in Staines.
16 July 2020
The facility was delivered through its Zenzic Secured Lending (ZSL) arm and is in conjunction with the Jordan International Bank (JIB), who are providing the senior facility for the project.
It will provide part of the capital required for the developer to convert an existing office block into residential flats.
The development will see two storeys added onto the original office block, increasing the capacity from 38 to 47 residential units once fully converted.
On completion, the project is expected to have a GDV of more than £13m.
Dinesh Gautam, senior analyst at ZSL, led the team on the transaction, which took two months to close.
Daryl Thorpe, principal at Zenzic, said: We are delighted to be able to provide this mezzanine financing facility to Kings Oak for this new and exciting project in Staines.
The deal came to us during the Covid-19 pandemic outbreak and demonstrates our ability to work diligently and collaboratively with multiple parties, despite the constraints of lockdown.
By collaborating on this project, JIB and ZSL have successfully structured a funding package to enable this project to proceed.