Zorin Finance completes £17.2m development loan in St Albans, Hertfordshire
Zorin Finance, the alternative property lending specialist, has completed a £17.2m development loan in the popular commuter town of St Albans to Montreaux Homes.
This will be the second deal between Zorin Finance and Montreaux Homes, following a £6.5m development loan to fund a residential project in Berkshire earlier this year.
The loan will facilitate the acquisition and redevelopment of a 0.44-hectare site in the historic cathedral city.
The scheme will provide 37 high quality and sustainable homes comprising of 12 houses and 25 apartments.
The homes will be suitable for the local market, comprising of three-bedroom and four-bedroom units and well-sized apartments which will be split across who blocks.
There will be a mixture of on-site and off-site parking available to residents including 14 EVCP active and two EVCP passive charging points.
Situated within the London commuter belt, St Albans is an attractive historical town host to several Ofsted ‘outstanding’ schools, lifestyle amenities, good public transport and the 100-acre Verulamium Park.
Montreaux is a well-recognised mixed-use and residential development company who has produced consistent results across the Home Counties.
The scheme will effectively be a self-build through Montreaux’s construction arm, Montreaux Build.
Vinod Vijaya, Lending Director at Zorin Finance said:
“We are committed to supporting Montreaux with their long-term growth plans across the UK.
They have an exceptional delivery and management team and this project at St Albans will deliver high quality homes which will appeal to all the different class of buyers.”
David Burke, CEO at Montreaux Homes, said:
“It was great to work with Vinod and the Zorin Finance team.
Their support has been vital in helping Montreaux deliver this project and contribute to our Home Counties strategy.”