Specialist property lender, ASK Partners (ASK), today announces that it has provided a loan to the joint venture between residential property development company, HUB Residential (HUB), and global investment firm, H.I.G. Capital (H.I.G.)
The facility supported the acquisition of a freehold site comprising three interconnected office buildings close to London’s Old Street roundabout. The JV will seek planning permission to demolish the existing commercial buildings and provide a residential led development alongside new commercial space. HUB and H.I.G. will work alongside Hackney Council to ensure a scheme is created that engages with the local community and adds value to the Borough.
The loan continues ASK’s involvement with the site, with the lender having completed a refinance for the vendor in June 2023. The JV purchased the site from ASK’s existing client.
Elliot Blatt, Head of Origination at ASK, commented: “This is an excellent redevelopment site and is a great option for a residential led strategy given its location nearby the soon-to-be-completed Old Street roundabout. The area is due to become a transport hub for both students and young professionals in the city, thus making the development exceptionally well suited to the area. It was a pleasure to work with HUB and H.I.G. and we wish them well with their business plan for the site.”
Miles Keeley, Head of Acquisitions at HUB, said: “This is great example of our investment thesis in action of targeting secondary buildings in prime locations that allow value to be added. This is HUB’s first scheme in Hackney and our first deal with H.I.G. as well as our second financing with ASK. We are pleased to be working with both counterparties on this transaction.”
ASK’s loan portfolio recently surpassed £1 billion, a significant milestone for the firm, particularly during challenging economic times. ASK’s adaptability as a lender has allowed the firm to maintain its lending activities through economic cycles without capital loss and, enabling it to offer its private client investors a variety of real estate debt investment opportunities according to their risk profile.
