On behalf of Lackawanna Limited, Independent finance broker, Christie Finance Real Estate, is delighted to announce the successful refinance of a £5.75 million short-term facility for an aparthotel, Rivington Apartments, in London which has now reached practical completion as of May 2024.

Located near Old Street, the hotel benefits from a prime location popular with tourists and short-stay visitors and features 20 rooms over two floors. The ground floor is currently leased to Blacklock, a renowned steak restaurant in London.

Christie Finance secured a refinance with a competitive sub-3% margin from a specialist lender, supporting Lackawanna Limited’s journey from receiving initial bridging finance, through undergoing refurbishment, to reaching optimal trading levels. This achievement has established independent finance brokerage company as a reliable and trusted financing partner, offering exceptional terms.

Sarita Tuli, Managing Director of Lackawanna Limited, comments, “We would like to thank Ram and the Real Estate team at Christie Finance for arranging a great funding package for us. Our model is slightly different to the normal aparthotel operator and Ram took the time to understand it and ensure all parties involved had complete understanding of how we operated.

“It allowed the refinance to complete in a timely manner with a lending partner who will support our future growth plans. We have used brokers in the past, but Christie Finance provided an elevated level of service which we can only thoroughly recommend.”

Ram Kakar, Director at Christie Finance, comments, “Having the opportunity to not only be mandated and complete on the bridging facility last year, but on the refinance as well, is a great feeling. Lackawanna Limited’s business model is robust and it was time for this aparthotel to receive its makeover so it can enhance its trading levels even further.

“Sarita Tuli arranged the refurbishment ahead of schedule and traded brilliantly in the last year, which allowed us to present a very strong case to the market for the refinance on to a long-term facility over 20 years. We completed a full finance cycle with the client, and it very clearly demonstrates our ability to deliver our proposed exit strategy to not only our clients, but our lending partners as well. We look forward to working with Sarita and Lackawanna Limited on their project”.

John Mitchell, Managing Director at Christie Finance, comments, “The successful refinancing of this short-term facility for the aparthotel is both satisfying and encouraging, highlighting the continued strength and competitiveness of funding in the market.”

Contact the brokers:

Ram Kakar
Director
M: +44 7764 241 349
E: ram.kakar@christiefinance.com

John Mitchell
Managing Director
M: +44 7974 265 259
E: john.mitchell@christiefinance.com

For further information on this press release, contact:

Niamh Toman
Junior Corporate Communications Executive
M: +44 7768 646 984
E: Niamh.toman@christie.com