The serviced apartments will be managed by Edyn Goup
21 Buckle Street
21 Buckle Street, London E1 8NN
Description of 21 Buckle Street
21 Buckle Street is a hotel development in London E1.
2018 - Planning permission for:
Demolition of existing office building and erection of a 13 storey building (plus enclosed roof top level plant storey) rising to 56.32m (AOD) containing 103 unit aparthotel (C1 Use) with B1 Use Class office workspace at ground and mezzanine level with an ancillary café (A3 Use Class) and hotel reception space at ground floor, together with ancillary facilities, waste storage and associated cycle parking store.
Designed by Grzywinski+Pons. Tower Hamlets ref. no. PA/16/03552/A1.
Aldgate East Underground Station - 3 min. walking / 159 metres District, Hammersmith-city
Aldgate East Station - 3 min. walking / 159 metres 115, 135, 15, N15, N550, 205, 25, 254, N205, N25, N253
OakNorth Bank – the UK bank powered by OakNorth – has provided a bespoke £27m structured finance facility to Oaktree Capital Management, a leading global alternative investment management firm.
The site will be developed into a new 12-storey Locke aparthotel operated by Edyn Group, one of the UK’s leading extended stay owner-operators. The 103-unit aparthotel will be situated at Buckle Street – a short walk from Aldgate East Station and the new Crossrail station at Whitechapel and will offer office space on the mezzanine level and a restaurant on the ground floor.
The transaction marks the second significant development that OakNorth Bank has funded in the area over the past six months. The bank provided a £16.5m property finance facility to WMG Group in June last year to develop a residential-led, mixed-use 17-storey building at the corner of White Church Lane and Commercial Road.
Merzak Kaddour, Investment Director at Edyn Development Studio, commented: “We are delighted to have partnered with OakNorth Bank for this transaction. Our decision to work with OakNorth was driven primarily by the strong relationship I have with the debt team and the depth of knowledge displayed by OakNorth’s team in structuring this facility. We look forward to a prolonged working relationship”.
Deepesh Thakrar, Senior Director of Debt Finance at OakNorth Bank, added: “We’re delighted to be working with the Edyn team and the strong backing of Oaktree Capital who are one of the world’s leading alternative investment managers, with real estate and infrastructure type assets making up 14% of its total $122bn under management. This was an exciting opportunity to work with a highly experienced team with one of the most notable track records in the industry. We look forward to working with them in the future as they continue to grow their UK portfolio.”
18/02/2020 12:57 by Buildington
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