OakNorth, the bank for entrepreneurs, by entrepreneurs, has completed a debt finance deal of £40m with a joint venture backed by CPC Group, the residential development business set up by Christian Candy.
The finance will be used to develop a major mixed-use building located within a five-minute walk from Earlsfield Rail Station. The site will comprise of 129 residential units, of which 24 will be affordable homes, as well as almost 12,000 sq. ft. of commercial space. The development will also have a 1,916 sq. ft. park with a 646 sq. ft. play space area, which is likely to appeal to families who are looking to relocate in the area.
The developers, Chris Mason and Raj Sond, have over 35 years’ experience in property development between them. Chris is an ex investment banker who over the past 10 years, has undertaken developments across the UK, while Raj has worked in the construction industry for more than two decades and has project-managed large and complex developments.
Commenting on the deal, Andrew Chrysostomou from Orlandis said: “Orlandis seeks to provide equity and strategic support to established developers. We focus on areas of regeneration, where there is both a need and opportunity to increase and enhance London’s housing stock. Earlsfield is exactly such an area with strong transport links, a vibrant community and unused space which can be re-introduced to the market.
“We are delighted to have the backing of OakNorth and RS Property Finance. Having worked together on several transactions in the past, the two funders worked seamlessly together to provide us the funding support needed. As is typical of such deals, there were significant structural complexities and challenges. Working with tried and tested partners such as Oaknorth, who like Orlandis truly understand Real Estate and development, is critical. This is the second deal Orlandis have undertaken with Dominus who continue to impress as a proven developer of quality housing solutions.”
Damien Hughes, Senior Debt Finance director at OakNorth, commented: “Both Chris and Raj have extensive experience and a proven track record in property development and investment. Their backing from Orlandis is testament to the credibility and strength of their development approach, and their understanding of the unique development opportunities beyond zones one and two. We look forward to working with them on future projects.”