£40m OakNorth deal sees 129 new homes in pipeline for London Borough of Wandsworth

OakNorth 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 mixed-use building located within walking distance from Earlsfield Rail Station.

The site will comprise 129 residential units, of which 24 will be affordable homes, and 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.

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 such an area, with strong transport links, a vibrant community and space which can be reintroduced 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.”