TLT completes funding for Belfast City Centre serviced apartment development scheme

Law firm TLT has advised leading property finance lender Assetz Capital on a £9m development finance deal. 

The deal will allow for the development of a residential scheme with 84 serviced apartments on Dublin Road in Belfast. 

Z Property Group acquired the site in 2022 and have secured global award-winning hospitality operator Sonder as the operator. The Dublin Road site is situated in a prime location in Belfast’s University Quarter and the development will further complement the city’s thriving hospitality sector.   Sonder will seek to continue redefining the guest experience through technology and design. The scheme is scheduled to open by 2025.

TLT banking, property and construction teams advised Assetz Capital on all financing aspects of its £9million development facilities to Z Property Group.  The team was led by partner Caroline MacLaughlin, supported by Ben Lambon, Tom Hampson and Alyson Cowan with Jayne Adair acting on the property side.

Andrew Fraser, chief commercial officer at Assetz House commented: “It was a pleasure to work with TLT on the financing of this residential scheme, which will further the development and regeneration of Belfast City Centre. The deal has allowed us to expand our footprint into the region, for which we are grateful to have received the support of the team at TLT.”

Caroline MacLaughlin said: “This deal demonstrates that, despite there being a slight slowing down in the market, there remains an appetite for lenders to support the financing of stand-out products. The residential scheme being developed by Z Property Group will enhance the Belfast skyline. It was a pleasure to support the team on getting this deal over the line.”