Gowling WLG's Real Estate Finance team has advised Veld Capital and Maya Capital to complete a £45.7 million loan from the digital bank, OakNorth, to fund the development of a new 222-bedroom hotel in central London.

The hotel will be operated by Motel One and located at 160 Blackfriars Road in London, a short walk from key tourist attractions such as Tate Modern, the London Eye, Borough Market, and The Shard.

The loan from OakNorth will provide capital to refinance existing debt, part-fund the development costs and working capital for the initial opening months of the hotel.

The team advising Veld Capital and Maya Capital included Partner Gurinder Mann, Senior Associate Ash-I Knowles (Real Estate Finance), Partner Nick Mumby and Principal Associate Siobhan Doherty (Real Estate).

Gurinder Mann said: "This is a fantastic new development in the heart of London which we are delighted to have supported Veld Capital and Maya Capital on. It is an exciting project so to have secured this agreement is really pleasing and we look forward to seeing it come to fruition."

Gowling WLG's Real Estate Finance team combines the experience of our banking, structured finance and debt restructuring specialists with the highly regarded expertise of our real estate, planning and construction practice. The team specialises in structuring complex real estate investment, development and financing transactions for all stakeholders across all major jurisdictions, as well as delivering restructuring and recovery solutions across all sectors.