We have announced today that we have recently completed a £53.5m, fixed-rate long-term loan transaction from Canada Life Investments.
The loan is secured against a portfolio of four apartment blocks located in Central London. The properties are or will be let on 3 year AST’s subject to Affordable and Intermediate housing rents with a limited number of Open Market Rents.
Jon Gooding, Chief Executive of Dolphin Living commented:
“We are delighted to have secured this important loan, which will further support our ambitious targets in the delivery of 1,000 homes for working Londoners. With over 300 properties already tenanted, and a further 400 in our development pipeline, we continue to make strong strides forward in creating high-quality housing for our tenants, in a market where there remains limited supply and increasing rents.”
Nicholas Brent, Head of Real Estate Finance at Canada Life Investments, said:
“We are pleased to have been able to assist Dolphin Living by providing this 30 year facility which helps further diversify our loan book. This is Canada Life Investments first mortgage secured against a portfolio of key worker properties in London and we are interested to provide more financing secured against this asset class.”
We will look to use the loan to support our ambitious programme to deliver 1,000 new homes to rent to those on lower to middle incomes by 2020. We have completed developments including One Church Square, Pimlico, and have projects underway at Lanhill Road, Maida Hill and Newington Butts, Lambeth.