Specialist property lender, Castle Trust Bank, has agreed a £13.2m development loan with Laner Ltd for a commercial and residential development in Dagenham.
The OXLO project, being developed by Barking Dog Developments Ltd, will provide ground floor commercial space, as well as residential apartments for private rent.
Castle Trust Bank announced that the project requires demolition of existing warehouse as well as redevelopment of the site to provide a part 4/part 5 storey building comprising 63 residential units including studio flats, one and two bedroom flats, and one bedroom maisonettes.
The project is also expected to provide over 350 square metres of mixed commercial space, together with associated car parking spaces and communal areas.
Castle Trust Bank head of development finance, Simon Whitfield, commented: “We’re delighted to be providing funding for this exciting project in Dagenham.
“The development is ideally situated, and there will be high demand for the units once they become available to rent. We’ve provided finance for projects undertaken by Barking Dog Developments before, and continue to be impressed by their experience, professionalism and expertise.”
Kirk Pickering of Barking Dog Developments added: “We are delighted to have concluded development funding with Castle Trust Bank for the OXLO Project, an innovative 60+ unit PRS scheme in east London. They supported the delivery team and understood the product, which is a continuation from a previous project also funded by Castle Trust Bank.”
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