OakNorth Bank has provided £27m to Oaktree Capital Management to fund the development of a 12-storey aparthotel in Aldgate.
The aparthotel, operated by The Edyn Group will consist of 103 units, office space on the mezzanine level and a ground floor restaurant.
The aparthotel is located on Buckle Street and is a short walk from Aldgate East station.
Senior director of debt finance at OakNorth Bank said: “We’re delighted to be working with the Edyn team and the strong backing of Oaktree Capital who are one of the world’s leading alternative investment managers, with real estate and infrastructure type assets making up 14% of its total $122bn under management. This was an exciting opportunity to work with a highly experienced team with one of the most notable track records in the industry. We look forward to working with them in the future as they continue to grow their UK portfolio.”
Investment director at Edyn Development Studio, Merzak Kaddour added: “We are delighted to have partnered with OakNorth Bank for this transaction. Our decision to work with OakNorth was driven primarily by the strong relationship I have with the debt team and the depth of knowledge displayed by OakNorth’s team in structuring this facility. We look forward to a prolonged working relationship.”