United Trust Bank (UTB) has provided a £27.8m loan to back a £40m build-to-rent (BTR) scheme in Canary Wharf.
The project, led by Lotus Living, will transform a former office building into Bellerive House, which includes 50 rental apartments and nine rooftop duplexes.
The ground floor will also feature 3000 square feet of commercial space and parking.
Apartments will range from studios to two-bedrooms, with rents from £2,200 to £4,600 a month.
The first apartments are expected to be ready by the first quarter of 2026.
Paul Flannery, senior director of property development at UTB, said: “We’re very keen to increase our lending to experienced specialist developers of BTR, PBSA and co-living accommodation and I am delighted UTB is funding this exciting BTR scheme for Lotus Living.
“Raj and the team have created an outstanding portfolio of attractive homes in sought after locations, and at the same time established a reputation as an excellent landlord.
“Bellerive House will provide a great place to live in a vibrant area of London, and I look forward to UTB supporting many more successful Lotus Living schemes in the future.”
Rajiv Nehru, CEO of Lotus Living, said: “Paul and the wider UTB property development team have been a pleasure to work with.
“It’s clear that they share our vision and commitment to creating high-quality, affordable rental homes designed to meet the diverse needs of Londoners.
“When completed early next year, Bellerive House will provide attractive, well-connected and comfortable homes, conveniently located in the heart of Docklands, just a few minutes from Central London and City Airport.”
