Innovative London affordable housing provider, Dolphin Living, whose portfolio includes the high-profile New Era Estate in Hackney, today announces that it has 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 on 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 Bent, 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.”
Dolphin Living will look to use the loan to support its ambitious programme to deliver 1,000 new homes to rent to those on lower to middle incomes by 2020. The charity has already completed developments including One Church Square Pimlico, and has projects underway at Trenchard House Soho, The Plimsoll Building, King’s Cross, Lanhill Road, Maida Hill and Newington Butts, Lambeth.