Challenger lender OakNorth has provided a £38.4m loan to Johnny Sandelson’s Westbourne Capital Partners for the development of a 210-flat care home next to Lord’s cricket ground.
The loan, on an initial two-year term, will be used to finalise planning for Westbourne Terrace on the St John’s Wood site previously known as the Landseer.
Westbourne bought the site in 2017 for around £60m and set about changing the planning permission that had been granted for a 132-flat luxury residential scheme.
A £46m facility was agreed with Investec at the end of 2017 to support the acquisition and planning changes and a further £120m will be needed to build out the 250,000 sq ft development.
The scheme – which does not yet have planning – will be split into two blocks. West Block will have 89 extra care units along with associated medical facilities, while the East Block will be a care home facility with 121 flats.
Construction is set to start in Q4 2019, with completion set for Q2 2022.
Since its launch in 2015 the bank has grown its loan book to £1.7bn and secured £364m in funding from funders including GIC, Toscafund, Coltrane, the Clermont Group, and Indiabulls.
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