LaSalle Lends $145M Hand in London
- Jul 28, 2016
By Keith Loria, Contributing Editor
London—LaSalle Investment Management will extend a $144.5 million loan through its LaSalle Residential Fund II to a joint venture between Telford Homes Plc and the Business Design Centre Group Ltd., for the development of City North, a planned mixed-use development in Finsbury Park, London.
The development will include 355 residential apartments, including 47 affordable housing units, 107,000 square feet of commercial space and a cinema, all arranged across four blocks in Finsbury Park.
“I am delighted with LRF’s investment in City North and we are very pleased to be backing Telford Homes and Business Design Centre Group as they develop this exciting scheme,” Amy Aznar, LaSalle Investment Management’s head of debt and special situations, said in a prepared release. “We continue to experience strong demand for our lending products across a wide range of mezzanine and whole loans.”
Located in the popular district of Islington in North London, City North is situated in an urban regeneration area at the crossroads of three different boroughs (Hackney, Haringey and Islington) and close to the Finsbury Park underground station.
“We have been working on this project for some years and are absolutely committed to the delivery of a development of the highest quality that will transform Finsbury Park with a new and varied offer, as well as setting the standard for future development in this location,” Dominic Jones, chief executive of City North Islington Holdings and Business Design Centre Group, said in the release. “We are delighted to be part of such a vital regeneration project which will bring far-reaching benefits to the area.”
Over the past year and a half, LaSalle has been very active, investing approximately $990 million across 17 loans.
According to the London Borough of Islington, Finsbury Park has long been identified as an area in need of regeneration and has identified the City North site adjacent to Finsbury Park Station as a key regeneration site and a catalyst for the wider regeneration of the area.
Image courtesy of Telford Homes