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UK: Developer Urban Centric has secured a new £24.25 million refinance deal for the Fitz & Knox project, the first coliving development in Wales.
Completed earlier this year, the 208-unit scheme is now fully occupied and features communal facilities including a cinema room, gym, games room and coworking spaces.
Cardiff-based Urban Centric, through special purpose vehicle Fitz & Knox Ltd, has refinanced a funding facility with Handelsbanken. The previous facility, provided by Shawbrook, supported the completion of the scheme. The deal marks Handelsbanken’s first funding transaction in the coliving market.
Lloyds Banking Group is also an equity investor in the scheme through its Housing Growth Partnership arm, following a £7.9 million investment.
Chris Price, branch manager at Handelsbanken Cardiff, said: “At Handelsbanken we are committed to helping our customers achieve their ambitions. Our relationship ethos, combined with our expertise in the property space, makes us well placed to support innovative and sophisticated developments like this. We are very proud to be supporting Fitz & Knox as it delivers a unique proposition for professionals in Cardiff – the first of its kind in Wales. We are also delighted that its sustainable values are closely aligned with our own, and that we can help the team continue to achieve them.”
Andrew Woods, managing director of Urban Centric, said: “The Handelsbanken team have really taken the time to understand what we are trying to achieve here in Cardiff and have become a key strategic partner in helping us deliver this ambitious development. Fitz & Knox is a real milestone for the development of the co-living model in Wales, as well as a significant contribution to environmentally responsible property. Handelsbanken’s support has been central to helping us make this happen.”
Highlights:
- Developer Urban Centric has secured a new £24.25 million refinance deal for the Fitz & Knox project, the first coliving development in Wales.
- Completed earlier this year, the 208-unit scheme is now fully occupied
- Cardiff-based Urban Centric, through special purpose vehicle Fitz & Knox Ltd, has refinanced a funding facility with Handelsbanken
- The previous facility, provided by Shawbrook, supported the completion of the scheme
