OakNorth completes £19m loan for new mixed use scheme in Hackney
OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a debt finance deal of £19m with a joint venture backed by Orlandis Capital, the Real Estate equity funding platform. The finance will be used to develop a mixed-use building within walking distance from Hackney Wick station, Elizabeth Olympic park and Victoria Park. The site will comprise of 44 residential units, of which 90 percent (35) would qualify for the government’s Help to Buy scheme, as well as almost 24,000 sq. ft. of commercial space.
The developers, Chris Mason and Raj Sond, have over 35 years’ experience in property development between them. Chris is an ex investment banker who over the past 10 years, has undertaken developments across the UK, while Raj has worked in the construction industry for more than two decades and has project-managed large and complex developments.
Commenting on the deal, Andrew Chrysostomou, Managing Director of Orlandis Capital said:
“To be part of Hackney’s regeneration, working alongside OakNorth and Dominus is extremely exciting. Orlandis is committed to these types of investments which aim to deliver new homes and commercial space across London and the UK’s primary cities. Hackney in particular highlights the opportunity for building, with its Olympic legacy and a buoyant and established industry around tech, fashion, art and entrepreneurial enterprise. This said, such deals are not easy to structure – they rely on strong partnership, expertise and the ability to move quickly and decisively. Orlandis through CPC Group has an established relationship with OakNorth. Their proven reliability and ability to respond made them a natural and very credible partner, whilst Dominus with a proven track record of development, fit the need for a strong performer able to deliver the quality build required.”
Damien Hughes, Senior Debt Finance director at OakNorth, commented:
“We have now funded a number of mixed-use schemes in Hackney with several developers – UrbanISTA, Goldsection Developments, and developer duo, Nicole Bremner and Avi Dodi – so know the Borough well, and can see just how much interest it’s attracting from property developers and investors. It was great to once again assist Raj and Chris, and work with the team at Orlandis – the fact that we’ve worked together before meant we could move quickly and ensure we were able to provide the desired funds within the required timeframe.”