OakNorth – the bank for entrepreneurs, by entrepreneurs – has lent £9.1m to Fusion Residential, the award-winning boutique design house, which creates residences in some of the most exclusive locations around London. OakNorth was introduced to the deal by Brotherton Real Estate, the specialist debt and equity advisory business, who they have now worked with on eight different deals.
Fusion Residential was founded in 2006 and has developed an enviable reputation within the sector and amongst its high profile clientele. The capital will be used to acquire one of the most prominent sites in Radlett, which is currently vacant, and in its place develop ten three-bedroom apartments. Each apartment will have two gated underground parking spaces, expansive open air terraces and a private concierge service – the first of its kind in Radlett. The site is located just 700m from the shops and restaurants on Watling Street in the centre of Radlett, and less than half a mile from Radlett Railway Station so has excellent commuter routes to central London and its surrounding airports.
Antoine Christoforou, Managing Partner of Fusion Residential, said: “This will be the first building of its kind in Radlett – some play the game and are content maintaining the status quo, but our team at Fusion change it. This project will offer exquisite apartments in a prime location with unparalleled levels of specification and finish. There is a very limited supply of luxury lateral apartments in this part of the world and demand has been very high even before we have broken ground.
Radlett is an affluent village, home to several notable figures including actress Pam St. Clement, and Ted Childs, the television producer, screenwriter and director. We are delighted to have secured this debt from OakNorth and look forward to getting development underway.”
Surinder Sidhu, Debt Finance Director, and Ben Barbanel, Head of Debt Finance at OakNorth commented: “This was a very interesting deal for us from an underwriting perspective as there are no other comparable properties in the area so we had to look at the performance of similar projects in Fusion’s portfolio. The team have an excellent track record and several decades of experience between them so we’re very excited to be working with them and look forward to doing additional deals in the future.”