OakNorth Bank completes £40M loan to social impact investment group

By Bridging Loan Directory 7th March 2022

OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided Grosvenor Hill Social Impact Group, a newly formed social impact fund, with a £40M facility to build its portfolio of social housing residences.

Grosvenor Hill Social Impact Group will be led by the team behind Mountain Capital & MLX Capital, a specialist developer group with a portfolio of single and joint venture schemes that consist of over 1,300 residential units across London and multiple commercial ventures internationally.

The investors of the project – Gary Landesberg, David and Elliot Rosenberg have over 30 years of experience investing in the UK’s residential sector and have received debt financing from OakNorth Bank in the past.

Grosvenor Hill Social Impact Group will be managed by Abel Leaman and Dion Michael, who have a track record and experience within the real estate, investment banking, and social housing sectors. Their team will be responsible for acquisitions, asset management and partner relationships.

Commenting on the transaction, David Rosenberg, Director of Grosvenor Hill Social Impact Group, said:

“We believe that everyone should have equal access to safe, affordable, and comfortable housing. Our innovative approach enables us to deliver truly transformative solutions to tackle the social housing and care crisis.

We received funding from OakNorth Bank to support Mountain Capital’s growth, so we knew they were the right team to help us once again.

While this is a new entity working alongside MLX Capital, we have the track record and experience which meant OakNorth Bank took a forward-looking view of our business based on our future potential.”

Greg Manson, Associate Director of Debt Finance at OakNorth Bank, continued:

“The team behind Grosvenor Hill Social Impact Group consists of investors with over three decades of real estate experience and specialist knowledge from the Directors of MLX Capital.

Working together, they have proven this concept. Good quality supported housing is essential for communities and society, and the team have the varied experience to deliver this through this collaboration.

We’re delighted to have once again been chosen as their debt funding partner – repeat business from borrowers is the best validation we can have that we’re delivering on our promise to delight customers.”