OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs and real estate funding specialist, ASK Partners (“ASK”) have provided a 36-month, £62m senior loan to a leading global alternative investment firm, secured against 133 apartments in a recently completed new-build, 53-storey residential tower in Canary Wharf, London.
The acquired apartments are part of the 182 metre tall Amory Tower, a residential development that comprises 423 units and offers far-reaching, panoramic views of London. 104 of the units in the development are affordable and accommodate the lower floors, accessed via a separate entrance. The borrower has acquired 133 private apartments with virtual freeholds, situated on floors 28 and above. 100 of these apartments have outside space and the majority are let on assured shorthold tenancy agreements.
The tower offers exceptional accommodation in the thriving and now well-established Canary Wharf community. A pool, gym, and residents’ lounge with terrace space contribute to a riverside lifestyle within easy reach of the immediate financial district and now only 10 minutes into the West End or 20 minutes into Paddington on Crossrail. Furthermore, the addition of Crossrail will certainly open up the market to a greater pool of professionals working across London.
This is the second significant co-loan that ASK and OakNorth Bank have completed together since they announced that OakNorth had purchased 50% of ASK shares in October last year and highlights the pair’s strategy to support each other in the UK real estate market.
Notes to editors:
About ASK Partners
ASK is a specialist, independent property lender, established by an experienced team of three partners in 2016 to provide bespoke and flexible real estate finance solutions. Building a team to complement their own unique blend of skills, they have now lent in excess of £1bn across over 100 transactions without default. Every transaction is underwritten by ASK and the company has earned a reputation as a trustworthy partner. In October 2022 ASK announced the sale of a 50% stake to OakNorth Bank, a move which has provided a significant platform for growth.
Voted by its clients and the industry, ASK won Real Estate Capital’s European Small Ticket Lender of the Year 2021 and 2022, and Mid-Market Deal of the Year 2022.
Press liaison: Naomi King
Tel: 020 3976 6700
Email: [email protected]
Address: 35 Harley Street, London W1G 9QU
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £9.5B, directly helping with the creation of 39,000 new jobs and 28,000 new homes across the UK.
- Raised deposits from c.175,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Tom Pavey-Smith, Associate Director – Growth & Communications: [email protected] / 0791 716 5588