US investor GreenOak has provided a £10.5m loan to fund the acquisition of a redevelopment project in Hackney, E2.
The loan represents a 70% loan to the value of 211-227 Hackney Road, which has been acquired by Hackney Property Holdings.
The former 28,245 sq ft bingo hall will be redeveloped by LBS Properties and was being sold by Pluto Leisure Properties.
The site is located near Shoreditch and within 1,000 ft of the Hoxton Overground station.
Jim Blakemore, a partner at GreenOak who leads the firm’s European fixed-income strategies, said: “GreenOak is an active lender focused on value-add properties with strong asset management angles both in the UK and throughout western Europe.
“We are pleased to have provided private debt funding for the acquisition of 211-227 Hackney Road. This asset has considerable potential and we believe LBS Properties has the right experience and expertise to lead its successful development.”
Savills and Lewis & Partners acted for Pluto Leisure Properties. LBS Properties were represented by Knight Frank.
