Member Article

OakNorth and Cogress ink £25m finance deal with boutique West End developer

The upmarket property developer behind some well-known luxury developments including the Maple Building in Kentish Town and Parker House in Paddington has secured a £25m financing deal to fund a new scheme in north west London.

Belgravia’s Linton Group has secured a combination of debt finance and equity from challenger bank OakNorth and property investor Cogress.

The financing, which sees OakNorth provide £19.2m of debt finance and Cogress stump up £5.6m in equity, will be used to develop 4-6 St Edmund Terrace in Primrose Hill into nine luxury apartments spread over six floors.

Encompassing 14,000 sq ft, the scheme has a gross development value of £35m and will be positioned within walking distance of in-demand areas such as St John’s Wood, Camden Town and Chalk Farm.

Gary Linton, who founded The Linton Group when he was just 23, said: “This major financing arrangement reflects the rapid growth and ongoing expansion of Linton Group.

“I am delighted to have both OakNorth and Cogress’ support – they work seamlessly together and I was very impressed that we were able to agree the deal within an hour of the Credit Committee meeting.”

The deal marks another collaboration between OakNorth and Cogress following on from similar deals with Godfrey London and UrbanISTA.

Damien Hughes, Property Finance Director at OakNorth Bank, hailed the bank’s performance in the first half of this year and said they were looking forward to further partnerships with the investor in future.

He said: “The first half of this year has been phenomenal for OakNorth – we’ve closed over 30 property deals with several more in the process of being credit-approved and transacted.

“This is the second transaction we’ve done with Linton Group and one of several that we have done with Cogress. We look forward to working with them both on additional deals in the future.”

Tal Orly, Chief Executive of Cogress, added: “This is the fourth deal that Cogress has done with Linton Group, which is testament to the management team’s excellent track record and our growing relationship with them.

“Developers appreciate speed and flexibility when it comes to funding, so it’s great to be working closely with OakNorth again on the refinancing processing to provide financial solutions that meet the Group’s needs.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →