OakNorth Bank has completed a £32.6M loan to Dandi Group for the development of a new co-living building in Battersea.
The new six-storey residential scheme designed by TP Bennett comprises 159 co-living bedrooms.
The site is located on a quiet road surrounded by residential houses and apartments within walking distance to Clapham Junction and Wandsworth Town train stations.
Founded in 2005 by Ali Reza Ravanshad, Dandi Group's current portfolio consists of 219 units (York House in Wembley), with a further 1,117 in construction with a desire to secure a pipeline of 15,000 units in London over the next five years.
Ali Reza Ravanshad, Chairman & Founder of Dandi Group, commented: “Many professionals are now working from home for part or all their week, but still want to feel like part of a community and make new connections as they’d do in an office. This is one of the benefits a co-living space such as Dandi Battersea provides. This is the third time we’ve chosen OakNorth Bank as our funding partner and there’s a reason we keep returning to them – the team is collaborative, constructive, and commercial. There’s no broad-brush assumptions or computer-says-no decisions.”
Max Saidman, Director of Debt Finance at OakNorth Bank, added: “Ali and the Dandi team have the track record to successfully deliver a scheme of this scale. Ali has over three decades of real estate experience and has been the driving force behind the success of Dandi Group and its expansion and pipeline of new developments. We’re delighted to once again be supporting the business – returning customers is a clear indication to us that we’re delivering on our promise to customers and offering a delightful experience.”