Dragonfly Property Finance has funded an exclusive mixed-use development comprising eight supposed avant garde apartments on Old Street in London at 30 Old Street.
Dragonfly provided the developer, MHA, with an initial loan for the acquisition of the land and a subsequent development loan. The gross development value of 30 Old Street is just over £15m.
30 Old Street is a modern development, with six apartments and two penthouses, with a commercial unit on the ground floor.
Matt Smith, director of risk at Dragonfly Property Finance, said: “30 Old Street really is something else. As an ultra-exclusive development in the heart of one of the most sought-after areas of the City of London, we were delighted to be able to help bring it together.
“The MHA team, led by Hossein, is extremely experienced in high-end, bespoke developments and that shows through in the fine details and overall finesse of 30 Old Street. We expect demand for both the residential and commercial units to be very high.”
Hossein Abedinzadeh, founder of MHA, added: “Dragonfly have supported us throughout the development of 30 Old Street, from the initial acquisition of the land through to the actual development. Knowing that you have a lender of such calibre behind you, with their expertise and understanding of the London market, is very reassuring. We look forward to working with them on many other projects in the future.”