The site will be developed into a new 12-storey Locke aparthotel operated by Edyn Group, one of the UK’s leading extended stay owner-operators. The 103-unit aparthotel will be situated at Buckle Street – a short walk from Aldgate East Station and the new Crossrail station at Whitechapel – and will offer office space on the mezzanine level and a restaurant on the ground floor.
The transaction marks the second significant development that OakNorth Bank has funded in the area over the past six months. The bank provided a £16.5m property finance facility to WMG Group in June last year to develop a residential-led, mixed-use 17-storey building at the corner of White Church Lane and Commercial Road.
Merzak Kaddour, Investment Director at Edyn Development Studio, said: “We are delighted to have partnered with OakNorth Bank for this transaction. Our decision to work with OakNorth was driven primarily by the strong relationship I have with the debt team and the depth of knowledge displayed by OakNorth’s team in structuring this facility. We look forward to a prolonged working relationship”.
Deepesh Thakrar, Senior Director of Debt Finance at OakNorth Bank, said: “We’re delighted to be working with the Edyn team and the strong backing of Oaktree Capital who are one of the world’s leading alternative investment managers, with real estate and infrastructure type assets making up 14% of its total $122bn under management. This was an exciting opportunity to work with a highly experienced team with one of the most notable track records in the industry. We look forward to working with them in the future as they continue to grow their UK portfolio.”
Notes to editors
About OakNorth Holdings Ltd
Since its inception, OakNorth Holdings has secured over $1bn from several investors, including: Clermont Group, Coltrane, EDBI of Singapore, GIC, Indiabulls, NIBC, Toscafund, and SoftBank’s Vision Fund.
The group was founded by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch the business following the challenges they faced in securing debt finance from high street banks for their previous business, Copal Amba (which scaled to c.3,000 employees and was acquired by Moody’s Corporation in 2014).
About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible debt finance (from £500k to £45m) to fast-growth businesses and established property developers / investors.
Since its launch, the bank has:
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit oaknorth.co.uk for more information.