The funding will be used to acquire Warranty House – an almost 100,000 sq ft site on Dudden Hill Lane, London – and, in its place, develop four towers consisting of 113 residential units and more than 6,300 sq ft of commercial space.
The project will be managed by Findon Homes.
“With its excellent transport routes and considerably more affordable homes than those in zones 1 and zones 2, Dollis Hill has become an increasingly popular area for young families and first-time buyers to plant roots,” said David Pollock, director at Union Developments.
“The team at OakNorth worked tirelessly to get the deal done and we thoroughly enjoyed being given the opportunity to discuss the scheme directly with the credit committee – [which] gave us an answer within an hour of the meeting.”
Damien Hughes, senior director of property finance at OakNorth, added: “David Pollock and his team at Union Developments have over 60 years of property experience between them, and an extensive track record of successfully bringing projects to fruition.”