Veld Capital And Maya Capital Complete £45.7M Loan From OakNorth To Fund Development Of New Central London Property
Summary
Meanwhile, Maya Capital was founded in 2014 by David Pralong, and has invested c.\xa3400m across 17 deals, with nine exits to date.The capital from OakNorth will enable the two investment firms to fund the development of a new 222-bedroomhotel operated by Motel One, with offices on the ground floor.OakNorths expertise across both property development and SME trading deals, meant it was able to tailor a facility that will enable Veld and Maya Capital to refinance existing debt on the site, fund the development of the hotel, and cover the initial costs of operating it.This compares to other lenders who will typically make the borrower take out a facility to acquire the site, then a development facility to build it, and then theyll have to refinance if they want the capital to run it.We are pleased to have collaborated with OakNorth on this financing. It represents another key milestone in the repositioning of the asset, after having obtained planning for our proposed hotel scheme and completed the full refurbishment of the office component into a high quality, ESG compliant space. Our partnership with Motel One has enabled their first Hotel Management contract in Europe and we look forward to continuing our work with the company.Both Veld and Maya Capital are well-established private equity firms with a demonstrated track record of developing assets and exiting well. They have found a strong and experienced operator in Motel One, and are well-located to attract the tourists theyre aiming for. As one of the few lenders that can provide an umbrella facility like this, weve been able to support Veld and Maya in the buy, build and stabilise under one agreement.