UK: Developer Regal London has secured a £29.5 million loan from Secure Trust Bank Real Estate to develop a 156-key Wilde aparthotel and café in Whitechapel.
The developer received planning permission for the scheme last year, and has pre-let the space to Staycity on a 30-year lease.
The loan will help kickstart development and the building, on Commercial Road, is expected to complete in 2021.
This is the second deal between Secure Trust Bank Real Estate and Regal London. The retail bank offers loans of up to £45 million for both residential and commercial property developers.
Designed by Dexter Moren Associates, the aparthotel will occupy 68,795 square feet over 14 storeys and offer 156 units, made up of studios and one-bedroom apartments. Each will have its own kitchen facilities, as well as in-room technology including a 43” flat screen smart TV and touch control panels for lighting and air conditioning.
Onsite facilities will include a 24-hour reception, guest lounge, fitness room, weekly housekeeping, laundry room, and a café open to guests and the public.
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