North Bank Oak says it has entered into a £ 5.6million loan to convert vacant Antigallican Hotel and pub and hotel in Charlton into a mixed-use building with 60 studios. 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 financing at OakNorth Bank, said:
“Charlton is going through a huge regeneration phase and is becoming an attractive place for young professionals and families. It benefits from being a stone’s throw from Canary Wharf and Greenwich Village, while offering residents the experience of the suburbs. I am delighted to have the opportunity to work with Dandi with Ali who has been working 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 are delighted to support them and look forward to strengthening this relationship in the future.
Ravanshad said the project will bring dozens of new homes to a booming area of London, breathing new life into a building that has been vacant for two years.
“We are grateful to OakNorth Bank for living up to their promise to behave as a partner – the team operated in a commercial, transparent and entrepreneurial manner, 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 loaned more than £ 5.1bn since its launch.