The Zenzic Secured Lending (ZSL) facility of £777k over 16 months provides part of the capital requirement for the development by Antler Homes, a scheme of eight semi-detached 3-bed homes and one detached home, as well as four 2-bed apartments.  Paragon Development Finance are providing the senior debt facility. The scheme forms part of Antler Homes’ target of delivering 300 new homes over the next three years.

Andrew Rinaldi, Managing Director of Antler Homes PLC, commented, “Expanding our sources of capital to help us deliver on our targets for new home delivery is key to our growth plans, and we are delighted to be working with Zenzic on this important development.”

“We are pleased to have had the opportunity to provide this mezzanine financing facility to a developer of the calibre of Antler Homes, who continue to provide high-quality, spacious homes in the regions, which are going to increasingly be in demand in the post COVID world.  We look forward to becoming a funding partner that can contribute towards their exciting growth plans.”

Daryl Thorpe, partner at Zenzic

It will provide part of the capital required for the developer to convert an existing office block into residential flats.

The development will see two storeys added onto the original office block, increasing the capacity from 38 to 47 residential units once fully converted.

On completion, the project is expected to have a GDV of more than £13m.

Gautam, senior analyst at ZSL, led the team on the transaction, which took two months to close.

“We are delighted to be able to provide this mezzanine financing facility to Kings Oak for this new and exciting project in Staines. The deal came to us during the Covid-19 pandemic outbreak and demonstrates our ability to work diligently and collaboratively with multiple parties, despite the constraints of lockdown. By collaborating on this project, JIB and ZSL have successfully structured a funding package to enable this project to proceed.”

Zenzic Capital’s Principal, Theo Theodosiadis

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 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

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.