Linton Group has secured £25m of funding for a new boutique scheme in north west London.
The tasty-looking project – which has a GDV of £35m – will turn a 14,000 square foot site on St Edmund’s Terrace into nine luxury apartments across six floors, right on the doorstep of Primrose Hill and Regent’s Park. There’ll be seven “family-sized” units and two penthouses, all with secure underground parking.
The Belgravia-based developer has been backed by “bank for entrepreneurs, by entrepreneurs” OakNorth to the tune of £19.2m, with investment firm Cogress stumping up a further £5.6m of equity.
Gary Linton set up his eponymous firm in 2009 at the tender age of 23, starting with single-unit developments in RBKC; a raft of high-profile projects have followed, including The Maple Building in Kentish Town and Parker House in Paddington, and there’s a good £375m worth of schemes in the pipeline.
Gary Linton, Founder and Managing Director of Linton Group: “This major financing arrangement reflects the rapid growth and ongoing expansion of Linton Group. I am delighted to have both OakNorth and Cogress’ support – they work seamlessly together and I was very impressed that we were able to agree the deal within an hour of the Credit Committee meeting.”
Damien Hughes, Property Finance Director at OakNorth Bank: “The first half of this year has been phenomenal for OakNorth – we’ve closed over 30 property deals with several more in the process of being credit-approved and transacted. This is the second transaction we’ve done with Linton Group and one of several that we have done with Cogress. We look forward to working with them both on additional deals in the future.”
Tal Orly, CEO and co-founder of Cogress: “This is the fourth deal that Cogress has done with Linton Group, which is testament to the management team’s excellent track record and our growing relationship with them. Developers appreciate speed and flexibility when it comes to funding, so it’s great to be working closely with OakNorth again on the refinancing processing to provide financial solutions that meet the Group’s needs.”
Image Credit: Linton Group