A £89m debt package has been agreed by LaSalle Residential Finance (LRF) to finance a residential-led mixed use development scheme (City North) being developed by City North Finsbury Park, a joint venture between United House Developments and City North Islington Holdings.

The facility will partially fund the development of 308 private residential units, 47 affordable units, and 120,000 sq ft of commercial space adjacent to Finsbury Park underground and mainline station in London.

Michael Zerda, fund manager of LRF and European Director of Debt Investment and Special Situations, said: "The excellent work and vision by United House and Business Design Centre Group will bring much needed residential accommodation, retail, and leisure amenities to an under-supplied but growing area."

In addition to residential, retail, and commercial space, City North will also offer cinema, leisure, and other amenities for immediate and local residents.

Jack Morris, Chairman of City North Islington Holdings and Business Design Centre Group, said: "We have been working on this project for some years and are absolutely committed to the delivery of a development of the highest quality that will transform Finsbury Park with a new and varied offer, as well as setting the standard for future development in this location. We are delighted to be part of such a vital regeneration project which will bring far-reaching benefits to the area."

Finsbury Park Station is the busiest transport hub outside of Zone 1 and the scheme, which involves complex construction linking the station and will act as a gateway for the area.