Omni fund Hampshire Cricket Hilton
The construction finance facility will fund the entire £27.4m project, which will run over 12 months.
It is the first deal generated by Omni Capital’s new structured finance division, which launched last month.
Dan Smith, head of Omni Capital Structured Finance, said: “This was a complex structured loan perfectly suited to Omni Capital and we were able to use our expertise to underwrite the development and provide the flexibility to allow the project to continue.
“The Ageas Bowl represents the future of international cricket in the UK, and the project will have an overwhelmingly positive impact on the local community.”
The 175-room hotel on-site features pitch-facing rooms, a branded restaurant, a luxury spa, conference and hospitality facility, 18-hole golf course and media centre.
The regeneration project will transform the 25,000-seater Ageas Bowl into a prestigious world-class ‘model’ cricket ground, encouraging regular top level international cricket to the region.
The project was originally a collaboration between RB Sport and Leisure Holdings PLC and Eastleigh Borough Council, but fell into financial difficulty in September 2013 when former contractor Denizen went into administration. Powells Group has since been appointed as the new contractor.
David Mann of The Ageas Bowl added: “Omni Capital fully understood the complexities of the project and our financing requirements. They reacted quickly and enabled us to put the financing in place to keep the project on track.
“The new state-of-the-art media centre will now be completed ahead of the forthcoming England v India Test Series on 27 July 2014 and the overall project will complete in spring 2015.”
Omni Capital structured finance offers residential and commercial loans from £5m to £250m for experienced real estate professionals.