A London property developer has announced that it has received an £8.5m loan to support a “major” new development in Lewisham.
Arklow Astra has received the seven-figure loan from OakNorth Bank to support a new mixed-use development, consisting of 41 residential units and six offices.
The development will tie into the ongoing regeneration of the Deptford and New Cross community.
The Arklow Astra development is being led by the team behind Morphuse group, a property group based in North London, which specialises in acquisition, in-house construction, development and management.
Elad Farkash, co-founder of Arklow Astra, commented: “Max Saidman and the entire OakNorth Bank team have demonstrated their incredible knowledge in the space.
“It’s been an absolute pleasure to work with such a transparent and supportive partner throughout this journey. I look forward to continuing to work with the team on future developments.”
Max Saidman, associate director of Debt Finance at OakNorth Bank, said: “As the Deptford area goes through a major regeneration project, it’s great to able to support this exciting development.
“Not only will this development be key for the community, it will also be part of the UK’s wider post-pandemic recovery. Elad is an existing client of the bank of whom we hold in high-regard.
“Brotherton’s introduction and specialist execution was a great resource to ensure the transaction ran as smoothly and efficiently as possible and I look forward to working with both of them again.”
Robert Kleinman, CFO of Brotherton Real Estate, added: “Having worked with OakNorth Bank on past deals, the team’s skill set, flexibility and speed were crucial in order to align Arklow Astra’s needs. I’m glad to see this partnership come to fruition and look forward to facilitating future deals with OakNorth Bank.”
Looking to promote your product/service to SME businesses in your region?
Find out how Bdaily can help →
