OakNorth is lender on L’Oscar project in central London

George Sell By George Sell
31 May 2017 | Updated 31 May 2017

UK: Challenger bank OakNorth has completed a loan of £21 million for the development of the 40-bedroom L’Oscar in Holborn.

The deal is the largest OakNorth has completed since launching in September 2015. The hotel - located at 2-6 Southampton Row in Holborn, in a Grade II* listed former Baptist Church headquarters, is expected to open its doors in early 2018. The hotel is being designed by Jacques Garcia and upon completion, will feature 40 bedrooms, a bar, restaurant, café, and conference facilities.  The hotel will be managed by Michael Voigt who has more than 20 years' experience in the luxury hospitality sector.
 
Ben Barbanel, head of debt finance at OakNorth said: "We've worked on a number of hotel deals since our launch in September 2015 - the development of a 200-bedroom aparthotel in Liverpool, the acquisition of the Ramada Plaza Southport Hotel, the merger between Whittlebury Hall and Whittlebury Park - but this is the first we've done in the hotel development space. We look forward to the opening of L'Oscar."
 
Tony Tadros, director at Stonehouse Finance, which introduced OakNorth to the deal, said: "We are delighted to have worked with OakNorth - while arranging the debt for this transaction, we found the team to be incredibly swift, efficient and focused on closure within the tight deadline. A very refreshing, and impressive property finance proposition, and we look forward to our next transaction with the team‎."
 

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