Residential Cricklewood £11.7m Redevelopment Financed by ASK
Specialist property lender, ASK Partners (ASK), today announces that it has provided an £11.7m senior loan to property investment and development company, Ziser London.
The 18-month loan facility is secured against a single-storey retail warehouse, currently let to Matalan, and set on a 2.2-acre freehold site on Cricklewood Broadway. The site is in a well-regarded residential area near to Hampstead Heath and the Brent Cross shopping centre. It is also well located in terms of transport links, near two stations on the Thames Link line and adjacent to the Brent Cross Town regeneration project.
The loan facility has been provided to refinance an existing lender and allow Ziser London more time to complete the pre-construction phase ahead of implementing the consented planning permission for a 239-bed build-to-rent scheme.
Guy Ziser, Director at Ziser London, said: “We are delighted to have been able to secure financing with ASK to help us pursue our strategy for this site. We always take a long-term view on an asset’s growth potential and working with ASK has given us the flexibility to be able to take a view that will enable this asset to reach its full potential in terms of value.”
Elliot Blatt, Head of Origination at ASK, said: “This is an excellent redevelopment site and is a great option for a residential strategy given its location and size. It was a pleasure to work with Ziser London and we wish them well with their business plan for the sale of the site.
“This transaction brings ASK’s loan book to £1bn; a milestone we’re very proud of, particularly in such challenging economic times. We believe our flexibility as a lender is what has enabled us to continue lending through the cycle by backing well-capitalised borrowers with creative strategies which look to respond to the fast-paced change in demand for UK real estate.”
This deal was brokered by BBS Capital and ASK was advised by Fladgate and Montagu Evans.
