Brenchley House Maidstone Limited – part of the Zamek Group – required the debt financing to convert a seven-storey office building into a 192-unit, mixed-use scheme featuring 139 studios and 53 one-bedroom flats, with retail space on the ground floor.
Brotherton Real Estate advised on the transaction.
Surinder Sidhu, debt finance director at OakNorth, said: “The 2021 strategic development plan for Maidstone seeks to set out a vision and programme of projects to develop and improve the town centre, including enhancing retail, leisure and business.
“Developers such as the Zamek Group are playing a vital role in this, helping to preserve the town’s unique history, while also bringing some much-needed new homes to the area.
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“It was great to once again work with Brotherton on this transaction – they take a similar approach to us, reacting quickly and working collaboratively with the borrower.”
Nir Zamek, founder of the Zamek Group, initially had permission to develop 84 flats, but was able to secure council consent to increase this to 192.
The project is scheduled to be completed this summer.
Nir added: “Since our founding 24 years ago, our strategy has been to build a portfolio of well-located and well-managed residential units, and let them to a broad range of tenants, including students, young professionals and families.
“Maidstone is a large, historically important town, which due to its proximity to London is a favourite among these demographics.
“It is also popular with small- and medium-sized business owners, particularly law and accountancy firms, and media companies.
“We found the experience with OakNorth very refreshing – we enjoyed meeting the credit committee and it was clear that OakNorth and Brotherton have worked together before from the seamless communication between the two parties.”