OakNorth has completed a £16m loan to the Mason family for the development of the 202-bedroom Staycity aparthotel in Liverpool.
The family operates as real estate investors, developers and advisers in Liverpool and the North West through its company Mason Partners, with a portfolio worth around £100m. It owns Liverpool's Corn Exchange building, where seven of the building's 11 floors are to be converted into a Staycity aparthotel. The family has owned the property for 17 years and has its headquarters at the site.
The development has been pre-let on a 35-year lease to Dublin-based aparthotel operator Staycity and will have a guest laundry, fitness room, car parking, luggage lockers, and an open-plan seating area.
Andrew Mason, director at Mason Partners, said he was "delighted" to have pre-let the property to Staycity, which he says will be "the largest aparthotel development in Liverpool" once completed.
Rishi Khosla, co-founder and chief executive of OakNorth Bank, added: "The Mason family has a firm grasp of how the city is set to evolve over the next few years, so it's no surprise that they've been able to pre-let the property before development's even gotten underway."