OakNorth Bank says it has completed a £5.6 million loan to convert vacant pub and hotel, Antigallican Hotel, in Charlton into a mixed-use building with 60 studio apartments. The loan was made to Gallican Investments Limited, which is led by the team behind Dandi founded by Ali Reza Ravanshad in 2005.
Max Saidman, Associate Director of Debt Finance at OakNorth Bank, commented:
“Charlton is going through a huge regeneration phase and is becoming an attractive location for young professionals and families. It benefits from being a stone’s throw from Canary Wharf and Greenwich Village, whilst still offering residents the suburban experience. I am excited at having the opportunity to work with Dandi with Ali who has been in real estate for 34 years, so brings a wealth of experience to this project. He and his team have successfully completed several large-scale residential developments across London, so we’re delighted to be supporting them and look forward to building on the relationship in the future.”
Ravanshad said the project will bring dozens of new homes to an up-and-coming part of London, by breathing new life into a building that has been vacant for two years.
“We’re grateful to OakNorth Bank which lived up to its promise of behaving like a partner – the team operated commercially, transparently and with an entrepreneurial mindset, despite the unusual environment, which made the experience of dealing with a bank and applying for a loan, positive and dare I say, actually enjoyable.”
The challenger bank has lent over £5.1 billion since launch.