Recognise Bank facilitates loan for Canary Wharf co-living project

Recognise Bank has facilitated a £7.5m Bridging Loan for an innovative co-living project in Canary Wharf, London.

Ben Peters of Recognise Bank who have facilitated a loan for a Canary Wharf co-living project | BTR News
Ben Peters of Recognise Bank who have facilitated a loan for a Canary Wharf co-living project.

A £7.5m Bridging Loan has been approved by Recognise Bank to support the costs associated with a visionary co-living project in Canary Wharf, following the signing of a long leasehold agreement. The loan term for this financial support is set at 12 months, by which time the borrower will be in a position to progress with this ground up development.

Currently an office block, there are plans to demolish and transform the site into a cutting-edge 46-storey co-living development. The scheme will deliver 795 units with amenities including a residents’ lounge, cinema room, fitness studio and gym.

The Director of Strategic Partnerships at Recognise Bank expressed his enthusiasm for the collaboration.

“This project perfectly encapsulates Recognise Bank’s dedication to supporting ground breaking initiatives in real estate. We are proud to be part of such an exciting venture that combines innovation, sustainability and community living.” 

Ben Peters, Director of Strategic Partnerships at Recognise Bank

Recognise Bank’s commitment to fostering innovative and forward-thinking projects aligns with the vision for this transformative co-living scheme in the heart of Canary Wharf. The funds from the Bridging Loan will play a pivotal role in advancing this ambitious co-living project, as well as contributing to an equity raise for upcoming ventures.

“Working with Recognise has been a great experience as they have been flexible but also acted quickly and very professionally. This facility will allow us to commence site investigation works, progress the scheme design to BSA Gateway 2, and demolish the existing structure in preparation for seeking an equity partner to build out the project. Many thanks to the team at Recognise for their support.”

Mark Slatter, Olympian Homes 

Recognise Bank is committed to providing tailored financial solutions that empower borrowers to turn their dreams into reality. This bridging loan exemplifies the digital challenger’s dedication to fostering progress and development in the real estate landscape.