OakNorth Bank completes £8.5m loan to support mixed-use development in Lewisham

By Bridging Loan Directory 11th February 2021

OakNorth Bank – the UK bank powered by OakNorth – has provided an £8.5m loan to Arklow Astra, a London-based property developer, to support a major new mixed-use development in Lewisham.

With Deptford and New Cross undergoing a major regeneration, this development will play a part in the regeneration of this community, bringing vital new homes and jobs to the area.

The property will consist of 41 residential units and six offices on the ground floor and is close to both New Cross Gate and Deptford station.

The Arklow Astra development is being led by the team behind Morphuse group, a successful property group based in North London, which specialises in acquisition, in-house construction, development and management, who have been a client of OakNorth Bank for a number of years.

The team behind this project is highly knowledgeable and has over 50 years’ combined experience in the property sector.

Elad Farkash, Co-founder of Arklow Astra, said:

“Max Saidman and the entire OakNorth Bank team have demonstrated their incredible knowledge in the space. It’s been an absolute pleasure to work with such a transparent and supportive partner throughout this journey.

I look forward to continuing to work with the team on future developments.”

Max Saidman, Associate Director of Debt Finance at OakNorth Bank, said:

“As the Deptford area goes through a major regeneration project, it’s great to able to support this exciting development.

Not only will this development be key for the community, it will also be part of the UK’s wider post-pandemic recovery.

Elad is an existing client of the bank of whom we hold in high-regard. Brotherton’s introduction and specialist execution was a great resource to ensure the transaction ran as smoothly and efficiently as possible and I look forward to working with both of them again.”

Commenting on the transaction, Robert Kleinman, CFO of Brotherton Real Estate:

“Having worked with OakNorth Bank on past deals, the team’s skill set, flexibility and speed were crucial in order to align Arklow Astra’s needs.

I’m glad to see this partnership come to fruition and look forward to facilitating future deals with OakNorth Bank.”