Dragonfly finances Old Street development

Ryan Fowler

June 30, 2016

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Dragonfly Property Finance, part of the Octopus group, has funded an exclusive mixed-use development comprising of eight avant-garde apartments on Old Street in London.

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.

Matt Smith, director of risk, 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.”

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Hossein Abedinzadeh, founder, 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.”