UK: OakNorth Bank has provided a £16 million development loan for a 202-unit aparthotel in Liverpool.
The project, which will be operated by Staycity, is being developed by the Mason family, who are well-known local property investors and advisers.
The funds will be used to convert the 11-storey Corn Exchange Building in Liverpool’s commercial district, which has been pre-let on a 35-year lease to Staycity.
The building, which has been owned by the Mason family for 17 years, is currently used as the headquarters of the family’s property advisory firm Mason Partners.
OakNorth Bank was launched in 2015 and has a £300 million loan book. It typically lends up to 75 per cent loan-to-cost and 65 per cent of gross development value. Chief executive Rishi Khosla said: “We are looking to lend about £500m this year and we expect half of that to be in the property space,” he said.
www.oaknorth.com</p
