“Recognise Bank is thrilled to back such a pioneering property project that perfectly blends innovation, eco-friendliness, and communal living,” said Ben Peters from Recognise Bank.
At the heart of Canary Wharf, a former office building is slated for demolition and replacement by an innovative 46-story co-living space.
The new development will feature 795 living spaces, along with amenities such as a communal lounge, movie room, and fitness facilities. Funding from Recognise Bank represents a crucial step in moving the project forward and supports the raising of additional capital for future projects.
The bridge loan obtained has a duration of 12 months, providing the developers with the necessary time to begin construction on the new development.
Ben Peters, who is in charge of Strategic Partnerships at Recognise Bank, stated: “We are eager to support projects like this that are at the forefront of the real estate sector, offering innovative, eco-friendly, and community-focused living solutions.”
Mark Slatter from Olympian Homes expressed his appreciation for Recognise Bank’s responsiveness and professionalism. “The loan from Recognise allows us to start preparatory site work, further develop the design, and take down the current building, setting the stage to find an equity partner for the construction phase. I’m very grateful for Recognise Bank’s assistance,” he remarked.