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OakNorth Bank completes £16.5m loan to WMG Group to develop a new 17-storey residential-led mixed-use tower in Aldgate

OakNorth – the
bank for entrepreneurs, by entrepreneurs – has provided a £16.5m
property development finance facility to Mayfair based, private investment office WMG, which has been investing
in and managing UK residential and commercial property assets since 2009.

The finance will be used to develop a new
residential-led mixed-use 17-storey building at the corner of White Church Lane
and Commercial Road in Aldgate, comprising commercial
units on the ground floor and 39 residential units on the upper levels. The site, situated within the City of
London fringe will also offer 10 affordable units, including one, two
and three-bedroom flats. Subject to planning approval, the creation of three
additional one-bedroom apartments
will be developed on the first floor. Tenants will be offered a concierge
service, as well as access to one of the nearby gyms.

Michael Cooke, Director at WMG, said: “With its
excellent transport links and proximity to the City, Aldgate has become a
highly popular area for professionals and young families as well as overseas
investors. The team at OakNorth worked tirelessly to get the deal done and we
thoroughly enjoyed working with them including (rather uniquely) the
opportunity to discuss the scheme directly with their Credit Committee. The
speed at which a decision was made was impressive and the whole process from
first conversation to money in the bank was refreshingly simple, commercial and
highly efficient.”

Harley, Director Debt Finance at OakNorth, said:
“. WMG’s strategy of buying short income and leases and creating value uplift
through a combination of lease re-gearing, asset management and change of use,
has seen it successfully complete numerous projects over the last 20 years. Between them, Michael Cooke and Mehmet
Dalman have considerable experience in funding and
investing into the UK and European real estate markets, so we’re delighted to
support this highly experienced team as they build on their existing portfolio.”

CBG were the chosen developer.

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