OakNorth completes £10m loan to renowned property duo
OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a £10m loan to property developers Nicole Bremner and Avi Dodi. The duo has completed over 10 projects together in the past with a combined GDV of £64m.
Nicole Bremner is one of the most recognisable faces in UK property development being renowned for a career that’s seen her go from a stay-at-home mum to a £120m property mogul in just five years. She is the founder of two property businesses – East Eight and London Central Developments – an author (last year, she published her biography, ‘Bricking It’) and a podcast host (The Nicole Bremner podcast). Her business partner – Avi Dodi has a high-end commercial and residential portoflio spanning the UK, Israel and the US, which includes projects with a GDV of over £100m.
The loan will be used to develop four large penthouse apartments located in the City Approach building on City Road, just a 10-minute walk to Old Street, Angel and Liverpool Street Underground stations. The loan will also be used for the development of a four-storey apartment building consisting of nine residential units and commercial space on the ground and basement floors. The site is located in Dalston Lane, Hackney just 10 minutes from Dalston Junction and Dalston Kingsland stations.
Nicole Bremner and Avi Dodi, commented:
“We have successfully completed projects across London both together and separately in the past, including in Hackney, but this is our first in Tech City, so we’re very excited to get started. OakNorth’s support has been invaluable – the team have excellent knowledge of the London property market and were as committed to getting the deal done as we were which was very refreshing.”
Commenting on the transaction, Priya Chauhan, Debt Finance Director at OakNorth said:
“Islington’s popularity as a residential district has increased substantially over the last few years, and Hackney has become one of the most popular boroughs in London with average house prices increasing by 700% in the last two decades. Both Nicole and Avi have an exceptional track record of delivering mixed use, resi and commercial projects across London together and separately, and we look forward to working with them on additional deals in the future.”