Oaktree Capital Management, the Brookfield-backed asset manager with $122bn under management, has sealed a funding line for a 12-storey ‘aparthotel’ in Aldgate, E1.
OakNorth Bank has provided the £27m structured finance facility to Oaktree to develop the Buckle Street building, which will include living space as well as some offices and a restaurant on the ground floor, and which is close to the new Crossrail station at Whitechapel.
The building will be operated by Edyn Group, which changed hands last year for £430m in the UK aparthotel sector’s largest deal yet.
This deal follows OakNorth Bank’s provision last summer of a £16.5m loan to WMG Group to develop a mixed-use, 17-storey building on the corner of nearby White Church Lane and Commercial Road.
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