Liverpool

OakNorth provides £16m loan for Liverpool aparthotel development



Challenger bank OakNorth has completed a £16m debt finance deal for the development of a 202-bedroom aparthotel in Liverpool.

Real estate developers, the Mason family, will use the loan to transform seven of the 11 floors in the city’s Corn Exchange Building, which they have owned for the past 17 years.

The development has already been pre-let on a 35-year lease to Dublin-based aparthotel operator Staycity.

Andrew Mason, director at Mason Partners LLP, said: “We’re delighted to have pre-let the property to Staycity [and] once completed, this will be the largest aparthotel development in Liverpool.

“The team at OakNorth worked tirelessly to complete the deal in just a few weeks, and the speed at which they responded to questions and queries was pretty remarkable.”

The Corn Exchange Building currently serves as the headquarters for Mason Partners LLP.

The property is based in the centre of Liverpool’s commercial region and located just minutes away from James Street Station and Liverpool One.

Once complete, the aparthotel will boast a 24-hour reception, a fitness room and car parking facilities.

Rishi Khosla, co-founder and chief executive of OakNorth Bank, added: “With over 40 years’ experience of investing in and developing real estate in and around Liverpool, the Mason family has a firm grasp of how the city is set to evolve over the next few years.

“…It’s no surprise that they’ve been able to pre-let the property before development’s even gotten underway.

“With a portfolio of [around] £100m and ambitious plans to continue growing, we look forward to working with this established family business in the future.”


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