Two entrepreneurial property developers, Nicole Bremner and Avi Dodi, have secured a £10 million loan to deliver upmarket residential projects across Hackney and the Silicon Roundabout area.
Bremner and Dodi will use the funding from OakNorth, a challenger bank which specialises in debt finance, to develop four large penthouse apartments in the City Approach building on City Road.
The loan will also enable the duo to create a four-storey property housing nine apartments on Dalston Lane in Hackney. The scheme will include commercial space across its ground floor and basement level.
Former Goldman Sachs banker Bremner is the founder of two property businesses, East Eight and London Central Developments.
Business partner Avi Dodi has a commercial and residential portfolio encompassing sites in the UK, US and Israel.
Together, the pair has completed more than 10 projects to date with a combined gross development value (GDV) of £64 million, according to Bdaily.
In a joint statement Bremner and Dodi said: “We have successfully completed projects across London both together and separately in the past, including in Hackney, but this is our first in Tech City, so we’re very excited to get started.
“OakNorth’s support has been invaluable – the team have excellent knowledge of the London property market and were as committed to getting the deal done as we were which was very refreshing.”
Priya Chauhan, debt finance director at OakNorth, said Islington’s popularity as a residential district has increased substantially over the last few years, while Hackney has become one of the most popular boroughs in London with average house prices increasing by 700% in the last two decades.
“Both Nicole and Avi have an exceptional track record of delivering mixed use, resi and commercial projects across London together and separately, and we look forward to working with them on additional deals in the future,” Chauhan said.
It is the latest in a string of deals by OakNorth. Last week the company completed a £17.5 million refinance package with Ankor Property Group for two student accommodation buildings in Ealing and Greenwich.
OakNorth director Priya Harley told the Evening Standard that before the Brexit vote OakNorth’s loan book stood at £98 million, with about half of the portfolio being in property.
By the end of 2016, the company’s total loan book had tripled to £300 million and by the end of last year it was £1 billion.
“Despite Brexit, demand for residential property, particularly in London is still very high,” Harley added.
OakNorth posted a pre-tax profit of £10.6 million in 2017.
DealMakerz is looking forward to seeing the plans for the new developments, which should provide another boost to the desirability of Hackney and the Silicon Roundabout area.
Bremner and Dodi both have solid track records in the property development sector. Bremner managed to build a property portfolio worth more than £120 million in just five years, having bought her first property in 2012.
In 2013, Bremner and Dodi went into business on their first property in Islington. They bought the property for £1.4 million, spent £600,000 on development and went on to sell it for an impressive £3.3 million.