OakNorth – the digital bank for entrepreneurs by entrepreneurs, has provided a £45.7m loan to investment firms, Veld Capital and Maya Capital, to support the development of a major new hotel at 160 Blackfriars Road.
OakNorth’s expertise across both property development and SME trading deals, meant it was able to tailor a facility that will enable Veld and Maya Capital to refinance existing debt on the site, fund the development of the hotel, and cover the initial costs of operating it. This compares to other lenders who will typically make the borrower take out a facility to acquire the site, then a development facility to build it, and then they’ll have to refinance if they want the capital to run it.
Veld Capital and Maya Capital were advised by Lisa Attenborough at Knight Frank and Gurinder Mann of Gowlings.
OakNorth was advised by Louis Dewfall of Taylor Wessing.
About Veld Capital & Maya Capital: Founded in 2009, Veld Capital is a private investment firm focused on credit-oriented opportunities across a broad range of asset types. To date, it has raised €2.7Bn, making over 100 investments across 15 countries. Meanwhile, Maya Capital was founded in 2014 by David Pralong, and has invested c.£400m across 17 deals, with nine exits to date. The capital from OakNorth will enable the two investment firms to fund the development of a new 222-bedroomhotel operated by Motel One, with offices on the ground floor.