The 24-month loan was used to refinance a syndicate of banks where the facility term was almost up.

The Grade II-listed building undertook full refurbishment in 2018-20 — converting the 170,000 sq ft property into a 91-bedroom boutique hotel, restaurant, museum, and bar — led by Sydell Group. 

Located opposite the Royal Opera House, the hotel draws inspiration from its New York roots, designed in collaboration with New York design house Roman & Williams. 

The business will continue to be operated by Sydell Group, which also manages the US-based NoMad and other branded hotels. 

Bal Sohal, executive chairman at Cohort Capital, said: “Our private capital backing allows us to agree flexible debt structures for large loans where there is a credible sponsor, as is the case here.

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“We are seeing much higher demand as high-street banks are increasingly offering unfavourable terms for refinancing or seeking to reduce their exposure to certain real estate sectors.

“The NoMad hotel is an iconic property that will continue to flourish in what is arguably London’s prime tourist and cultural hotspot.” 

Matt Thame, CEO at Cohort Capital, added: “As banks retrench further from real estate debt markets, larger debt funds with flexible balance sheet solutions won’t get out of bed for anything less than £100m. 

“This has opened up a space in the property finance market where Cohort is staying very active.  

“There is no doubt however that markets are contracting, and we can safely say the residential and commercial real estate sentiment is not yet on the up — which is why we are remaining extra selective on the sponsor, strategy, and location of the asset. 

“The hotel room performance at the NoMad is strong, and the F&B concept and plan is a compelling one.”