£4 million deal struck to fund London apartments
Bringing life to iconic Highbury Stadium redevelopment
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London-based property investment company, Bengal Property Holdings Limited, has today secured a £4 million finance facility from Nationwide Building Society's Commercial division. The deal, which is a five year term loan, will be used to refinance a block of 17 apartments on the iconic Highbury Stadium redevelopment in North London.
Bengal Property Holdings is majority owned by Ziser Investment Group, which has been involved in property investment for over 25 years. During that time, it has accumulated a UK property portfolio of approximately £130 million. This consists of around 50 residential properties mainly located in the London area. Bengal Property Holdings is advised by Buchler Barnett Spencer.
This latest deal closely follows two other transactions with the Ziser Investment Group, in which Nationwide provided a total of £4.65 million loan facilities to assist in the purchase of a further five residential blocks and refinance of a further three residential blocks across North London.
Both transactions were led by Nationwide Commercial lending manager, Mario Ioannides.
Guy Ziser, general manager, at Bengal Property Holdings, said: "At our first meeting with Mario and the team at Nationwide Commercial, it was obvious that they were a lender that knew the residential housing market well, and were keen supporters of the sector. Added to that, since the initial introduction, the Nationwide team has spent a lot of time getting to know our business and its objectives, so when the time came to refinance, Nationwide Commercial was the perfect choice.
Bryce Glover, divisional director for Nationwide Commercial, said: "The Highbury Stadium redevelopment is one of the most iconic property developments in London. When Bengal Property first approached us to refinance this residential apartment block, we were immediately attracted, especially given its location, potential and the fact that all 17 units had already been let. This deal adds to Nationwide Commercial's long track record of supporting experienced property investors with sound propositions."
Notes to editors:
About Nationwide Commercial
A leading lender in the UK commercial property market with a loan book in excess of £22 billion.
Transactions range from £1 million up to £50 million although larger facilities can be arranged on a club basis.
Customers range from housing associations to private property investors to institutional funds and specialist property firms to major public limited companies.
Nationwide has committed over £2 billion to the UK PFI/PPP sector to over 80 separate projects including the first affordable housing PFI.
Leading player in UK Social Infrastructure projects (ranked 2nd in the Infrastructure Journal 2009 League Table for Mandated Lead Arrangers).
Nationwide Commercial is a leading lender to affordable housing providers becoming the first to commit over £9 billion to the sector.