Case Study: Recognise Bank facilitates £7.5m bridging loan for Canary Wharf co-living project

Recognise Bank has announced the approval of a £7,500,000 bridging loan which has been extended to support the costs associated with a new project following the signing of a long leasehold agreement.

Related topics:  Finance,  Bridging,  development,  Case Study
Property | Reporter
13th February 2024
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"This project perfectly encapsulates Recognise Bank's dedication to supporting groundbreaking initiatives in real estate. We are proud to be part of such an exciting venture that combines innovation, sustainability, and community living"
- Ben Peters - Recognise Bank

Currently, the site in Canary Wharf comprises a vacant office block, with plans in place for its demolition and transformation into a cutting-edge 46-storey Co-Living accommodation.

The redevelopment is set to encompass 795 units, a residents' lounge, a cinema room, a fitness studio, and a gym. The funds from the Recognise Bank Bridging Loan will play a key role in advancing the project, as well as contributing to an equity raise for upcoming ventures.

The loan term for this substantial financial support is set at 12 months, by which time the borrower will be in a position to progress with this ground-up development.

Ben Peters, Director of Strategic Partnerships at Recognise Bank, said: "This project perfectly encapsulates Recognise Bank's dedication to supporting groundbreaking initiatives in real estate. We are proud to be part of such an exciting venture that combines innovation, sustainability, and community living."

Mark Slatter, of Olympian Homes, shared his satisfaction with Recognise Bank's service, saying: "Working with Recognise has been a great experience as they have been flexible but also acted quickly and very professionally.

"This facility will allow us to commence site investigation works, progress the scheme design to BSA Gateway 2 and demolish the existing structure in preparation for seeking an equity partner to build out the project. Many thanks to the team at Recognise for their support."

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