OakNorth has lent £22m to Netherhall Gardens Ltd — a joint venture between Cogress and Godfrey London – to restore Otto Schiff House in Hampstead.
The £22m loan is the largest deal the specialist bank has closed since its launch in September 2015.
OakNorth funded the restoration at 14 Netherhall Gardens, which has five two-bedroom, six three-bedroom, two four-bedroom and one five-bedroom apartments and comprises almost 30,000 sq ft.
Cogress provided a further £3.4m of equity towards the project.
The £22m loan from OakNorth included a marketing facility which will provide the borrower with a more sustainable period of sell down.
[caption id="attachment_1769" align="alignnone" width="500"] Otto Schiff House[/caption]
The 14 apartments are shared across two distinctive buildings: Otto Schiff House, a grand Victorian mansion designed by Richard Norman Shaw, and Otto Schiff Mansions, a new pavilion building conceived by award-winning architects Squire & Partners.
The property has a historic background.
In the 1920s, the house was acquired by British banker and philanthropist Otto Schiff, who established the Jewish Refugees Committee (JRC) when the Nazis came to power in 1933.
Some 12,000 German and Austrian Jews were rescued and sheltered by the JRC.
Following Schiff's death in 1952, the property became a trust and care home for victims of the Nazi persecution.
Godfrey London has been restoring the historic building to its residential state for the past two years.
Paul Godfrey, founder and director of Godfrey London, said: “Otto Schiff House is a historically significant building and it has been a privilege for us to restore and return the property to its residential origins.
“Yet again, OakNorth went above and beyond the call of duty, taking the time to develop a flexible and innovative funding structure.”
Ben Barbanel, head of debt finance, and Damien Hughes, property finance director, both at OakNorth, added: “It's great to once again be working with both Godfrey London and Cogress — especially on a building with such historic significance.
“Both businesses and their management teams are extremely entrepreneurial and ambitious, making them a perfect fit for OakNorth.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Close Brothers’ banking division reports 6.6% loan book growth
Close Brothers Group PLC has revealed that its banking division has seen a 6.6% growth in its loan book in the 11 months to 30th June 2018...
Leeds introduces two-year fixed rate BTL product
Leeds Building Society has launched a two-year fixed rate buy-to-let (BTL) mortgage product as part of a wider refresh of its 70% LTV BTL range...
Just 20% of Brits would opt for a challenger bank
Only 20% of UK residents would opt for a challenger bank if they were opening a new account today, according to research from Equifax...
Santander to form digital investment banking team
Banco Santander has announced that a new digital investment banking team will be formed within Santander Corporate & Investment Banking...
Metro Bank introduces developer portal
Metro Bank has launched a new developer portal for FCA-registered third parties wishing to build services on top of its APIs...
Wesleyan Bank appoints new head
Wesleyan Bank has appointed David Brownbill (pictured above) as its new head of indirect sales...
Arbuthnot announces profit surge
Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year...
Temenos extends contract with Northern Trust
Temenos has signed a multi-year contract with global financial services company Northern Trust...
TSB adds new director to board
TSB Bank PLC has announced the appointment of Andy Simmonds (pictured above) as an independent non-executive director...
60% of Brits want ‘peace of mind’ when using cards online
Three-fifths of Brits (60%) want ‘peace of mind’ – regarding online security and fraud prevention – when using cards online, according to recent research...
Tandem reaches 250,000 customers
Tandem has announced it now has 250,000 customers across its cashback credit card, fixed term savers and account aggregating banking app...