Zenzic Capital completes its first senior loan of 2019 further diversifying its exit bridge loan book.
Zenzic Capital completed, just before the start of the festive period, a senior loan facility towards a completed ground-up development of bungalows in Whitton. The funds have been used to refinance the outgoing senior lender while the developer is going through the sales process of the two remaining units of this four-bungalows development.
Zenzic were represented by Matthew North of Farrer&Co LLP.
“We are delighted to have completed another senior exit bridge amidst the final working days of 2019. That was the best close to an exciting year for Zenzic showcasing that there is more to come in 2020.”
Zenzic Capital’s Investment Director, Theo Theodosiadis
Zenzic Capital completes a mezzanine loan in Tunbridge Wells further enhancing its exit bridge loan book.
Zenzic Capital completed a mezzanine loan facility within six working days since receipt of the enquiry, expanding its exit bridge presence in the market, towards a completed conversion of an old building that has been converted into seven flats in Tunbridge Wells. The development offers a range of 2-bed and 3-bed apartments in an excellent location, close to amenities and travel routes, as part of an attractive 4-storey building. The funds released equity to the borrower to assist in securing another development project.
Zenzic were represented by Gary Richardson and Louise Kelly at Freeths LLP.
Special thanks go to Sam Le Pard of Arc & Co for introducing the deal.
“I’m genuinely happy for the Zenzic team to have completed the exit bridge loan in Tunbridge Wells so swiftly, considering the legal points that needed immediate resolution. A good asset, in an attractive location, with an experienced developer who we are looking forward to doing more business with.”
Head of Investment and Risk analysis at Zenzic Capital, Theo Theodosiadis
Zenzic Capital today completed on another mezzanine loan facility, this time successfully deploying capital into a Purpose Built Student Accommodation (PBSA) scheme in Nottingham.
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 today completed on a mezzanine development facility for a 23-unit scheme near Billericay, Essex.
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.”
Zenzic Capital, a principal UK real estate lender, has successfully deployed its first loan since launching its secured loan note programme in November 2018. The new funding line significantly increases the lending capacity of Zenzic, positioning them for sustained growth during 2019.
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”.