OakNorth partners with Cogress on £25m residential development funding deal
OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a debt finance deal worth £19.2m with Linton Group, the boutique property developer behind a number of high-profile projects in London, including The Maple Building in Kentish Town and Parker House in Paddington. Cogress, the exit-oriented property investment company that OakNorth has partnered with on deals with both Godfrey London and UrbanISTA, has provided a further £5.6m of equity.
The finance will be used to develop 4-6 St Edmund Terrace, a 14,000 sq. ft. site with a total GDV of £35m, into a six-floor building with nine luxury apartments. The development is a stone’s throw from Primrose Hill and Regents Park with excellent transport routes being just a 20 minute walk from St John’s Wood, Swiss Cottage, Camden Town and Chalk Farm.
Gary Linton established Linton Group in 2009 when he was just 23, and has since grown the company from developing single unit schemes in Kensington and Chelsea to multiple large-scale developments in some of London’s most exclusive areas. Its portfolio is now diversified across commercial, residential and mixed-use developments. Linton Group has delivered projects totalling over £150 million and has an ambitious expansion plan with £375m GDV in their development pipeline.
Commenting on the deal, Gary Linton, pictured, Founder and Managing Director of Linton Group, said:
“This major financing arrangement reflects the rapid growth and ongoing expansion of Linton Group. I am delighted to have both OakNorth and Cogress’ support – they work seamlessly together and I was very impressed that we were able to agree the deal within an hour of the Credit Committee meeting.”
Damien Hughes, Property Finance Director at OakNorth Bank, commented:
“The first half of this year has been phenomenal for OakNorth – we’ve closed over 30 property deals with several more in the process of being credit-approved and transacted. This is the second transaction we’ve done with Linton Group and one of several that we have done with Cogress. We look forward to working with them both on additional deals in the future.”
Tal Orly, CEO and co-founder of Cogress, continued:
“This is the fourth deal that Cogress has done with Linton Group, which is testament to the management team’s excellent track record and our growing relationship with them. Developers appreciate speed and flexibility when it comes to funding, so it’s great to be working closely with OakNorth again on the refinancing processing to provide financial solutions that meet the Group’s needs.”