Rocket Investments have agreed mezzanine financing as part of a £240m total loan with Urban Exposure and Highbridge Principal Strategies (UK) LLP to develop 'The Atlas Building' in East London.

The mixed-use development will be in the Tech City area of East London and will be located on City Road, London EC1. It will comprise a 40-storey residential tower with 302 apartments, a 82,000 sqft office building and 9,000 sqft of retail space for shops, cafes and restaurants with a GDV of circa £400m.

Randeesh Sandhu, CEO of Urban Exposure, said: "Urban Exposure's involvement in The Atlas Building development underlines the growing contribution of non-bank lenders when it comes to financing projects such as this.

"As banks continue to step back from residential property lending, it is essential that financiers such as Urban Exposure are able to meet the increasingly complex financing requirements of developers."

There will also be a new public piazza between the residential tower and office building that will form a new pedestrian link between City Road and East Road. Work has already started on the prominent island site, close to Old Street roundabout, and is due for completion at the end of 2018.