A London investment firm said it had received a £ 5.6million loan to convert a disused hotel into new apartments.
Gallican Investments received the loan from OakNorth Bank to convert The Antigallican Hotel in Charlton into 60 studios.
The hotel has been vacant since December 2018 and will become a new mixed-use residential project.
Located in Greenwich, the two-story site is just a 15-minute train ride from London Bridge, and all 60 studios will be managed by Home Studios 4U.
Ali Reza Ravanshad, President and Founder of Dandi, commented: “For the past 15 years, we have focused on the accessibility of magical life. This project will bring dozens of new homes to a booming area of London, breathing new life into a building that has been vacant for two years.
“We are grateful to OakNorth Bank for living up to its promise to behave as a partner – the team operated in a commercial, transparent and entrepreneurial manner, despite the unusual environment, which made the experience of dealing with a bank and applying for a loan, positive and dare I say it, really nice! “
Max Saidman, Associate Director of Debt Financing at OakNorth Bank, said: “Charlton is going through a huge regeneration phase and becoming an attractive place for young professionals and families.
“It benefits from being a stone’s throw from Canary Wharf and Greenwich Village, while providing residents with the experience of the suburbs.
“I am delighted to have the opportunity to work with Dandi with Ali who has worked in real estate for 34 years, so brings a wealth of experience to this project.
“He and his team have successfully completed several large-scale residential developments in London, so we are delighted to support them and look forward to strengthening this relationship in the future. “
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