Author: Seren Capital

The facility goes towards the completion of the project to ensure it is finished in time for the 2019/2020 student intake, with over 70% of units already reserved. The development, situated in the popular Hockley area of Nottingham, comprises a 131 bed student accommodation with two retail premises at basement and ground floor level, offering a good mix of income from cluster accommodation, studios and commercial premises.

“This transaction signals the wider diversification strategy of Zenzic to enhance our existing residential offering and move into other bed sectors, such as student accommodation, with other sectors to follow.”

Zenzic Capital’s Investment Partner , Daryl Thorpe

The new build scheme on the site of a former entertainment venue provides for a mix of apartments, semi-detached and detached dwellings and has a projected GDV of £8.65m

The transaction was introduced by Dean Brown of Aureum Finance, who worked tirelessly to coordinate the various parties to ensure a smooth process through to completion.

“This is a great scheme which we are delighted to be involved in, bringing a good mix of well-priced accommodation to the market. The sponsor is a highly experienced developer with a track record of delivery. All parties worked efficiently and effectively to bring this all together and my thanks goes to those involved.”

Partner at Zenzic Capital, Daryl Thorpe.

The loan went towards the refinancing of a previous lender as well as releasing additional working capital to allow the developer to complete the works.

Special thanks to Martin Blake and his team at Farrer & Co, as well as Theo Theodosiadis and the Zenzic team, for all their hard work in getting this one over the line.

The loan in Bournemouth is part of a refinancing facility of a development project near the town centre, with Zenzic providing the required capital alongside Avamore Capital. The development scheme comprises 28 apartments across 6 storeys, mostly one-bed units, with larger units on the upper levels which also provide sea views. The development is largely complete with practical completion imminent. The funds have been advanced towards refinancing the existing lender whilst allowing the developer the requisite time to complete the final works and manage an effective sales process to maximise the profit of the scheme.

The broker was Piragash Sivanesan of Totum Finance, who was instrumental in ensuring all parties delivered to the tight timelines required. The deal was completed in less than two weeks from instruction and Zenzic were represented by Chris Freeston and team at Freeths LLP.

“We are delighted to have closed our first loan since our recent investment raise. The Bournemouth transaction is one we are very pleased with, in a liquid market, with little construction risk, and continues to build on our existing partner relationships within the market. We look forward to working with the borrower to see the scheme through to a successful exit”.

Daryl Thorpe, Partner at Zenzic Capital