The loan was agreed at 55% LTV over a one-year term for developer Stanley Dock, and has been used to refinance the previous lender's facility, as well as provide capital for the second phase of the scheme.

The majority of the completed 186 New York loft-style apartments from phase one of the development have been sold, with most containing exposed brick walls, concrete beams, cast-iron columns, and double height living spaces.

The loan was primarily secured against the 68 unsold apartments in the first phase, as well as 27,000 sq ft of waterfront commercial space — with the exit being the sale of the remaining phase one properties.

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When the entire Tobacco Warehouse is complete there will be 540 unique apartments, with an average size of 1,350 sq ft per apartment.

Jonathan Samuels, CEO at Octane Capital, commented: “We lent Stanley Dock a facility which refinanced the development lender on the site and provided a significant capital raise to go towards the development of phase two.

“I am particularly proud of the work done on this by Alex Tyrwhitt, our director of structured finance and Shrena Patel, our senior BDM.”

Pat Power, managing director at Stanley Dock, added: “There was immediate access to decision makers, high speed of delivery and a pragmatism from the team at Octane Capital.

“They delivered exactly when they said they would, and we look forward to expanding our relationship with the firm.”