15 Old Bailey, OakNorth Bank plc
Name: 15 Old Bailey
Client name: OakNorth Bank plc
Project value: Confidential
Location: 15 Old Bailey, London
What was the brief?
We advised OakNorth Bank on a loan to OB Capital, which funded the development of the historic 15 Old Bailey, London, from office-use to a new luxury hotel. Opened in early 2024, the hotel features 110 bedrooms, two restaurants and a bar.
What was our role?
Our Banking and Finance team negotiated the facility agreement, associated security documentation and led the transaction, our Commercial Real Estate team advised on the property due diligence aspects while our construction team advised in relation to the review, approval of the construction documentation and reporting to OakNorth on the documents and the procurement structure.
The facility agreement included not just the financing of the development but also the transition into a stabilisation facility which meant in effect the facility was two in one.
We have advised OakNorth following completion of the facility and the appointment of the hotel management company, Ennismore, including the follow up of various issues encountered during the construction process.
Working on this Central London hotel from inception through to opening and beyond is exciting for the team here at Forsters. The hotel team work cohesively together to completion of the facility package for the borrower and continues to provide ongoing advice to OakNorth as and when the need arises.
We are pleased to have worked with Forsters and appreciate all the efforts to help facilitate this transaction.
