Octane Capital completes £12.8m developer exit loan in Liverpool

Octane Capital have today announced the completion of a £12.8 million loan on the iconic Tobacco Warehouse in Liverpool.

July 18, 2023

Octane Capital have today announced the completion of a £12.8 million loan on the iconic Tobacco Warehouse in Liverpool.

The loan is to the highly regarded developer of Stanley Dock and is secured on a prominent building in Liverpool’s city centre. 

Tobacco Warehouse is the world’s largest brick warehouse and one of the largest single building heritage to residential conversion in UK history.  To date the majority of the completed 186 phase 1 New York loft style apartments have been sold, with most containing exposed brick walls, concrete beams, cast-iron columns and double height living spaces. 

Octane Capital’s loan was primarily secured against the 68 unsold apartments in the first phase, as well as 27,000 square foot of waterfront commercial space.

When the entire of Tobacco Warehouse is complete there will be 540 truly unique apartments, with an average size of 1,350 sq.ft. which is twice that of the average 2 bed apartment in Liverpool.  This transformative development is also providing the catalyst to the wider regeneration of the surrounding Ten Streets district. 

Octane’s CEO, Jonathan Samuels, commented: “We lent Stanley Dock a facility which was completed within 8 weeks from the application being received, refinanced the development lender on the site and provided a significant capital raise to go towards the development of phase 2.  I am particularly proud of the work done on this by Alex Tyrwhitt, Octane Director of Structured Finance and Shrena Patel, Octane Senior BDM.”

Octane’s Director of Structured Finance, Alex Tyrwhitt, and Senior BDM, Shrena Patel both commented: “Another great example of a well-worked, large and complex transaction for Octane. What a pleasure it was to work with the top-quality sponsor who demonstrated an extremely well-oiled operation. Tobacco Warehouse in Liverpool is certainly one of the most impressive and exciting developments we have had the chance to fund. Thanks very much to Asif Ziaullah and Nick Guest of ACAP RE for brokering yet another fantastic opportunity and for all their hard-work and professionalism.”

Asif Ziaullah from ACAP RE replied: “We are pleased to have supported Tobacco Warehouse in their successful senior debt refinancing for their landmark development. We commend Stanley Dock for their professionalism throughout this process, and Octane for their pragmatic approach in structuring this competitive loan facility and for their invaluable contributions that played an instrumental role in bringing this transaction to fruition."

Pat Power, managing director at Stanley Dock comments: “There was immediate access to decision-makers, high speed of delivery and a pragmatism from Alex and the team at Octane. Octane delivered exactly when they said they would. We look forward to expanding our relationship with Octane”.

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