Fund manager Frogmore has secured a £13.75m short-term loan from lender Leumi UK to refinance Cotton Quay, an 8.5-acre waterfront site in Salford Quays, Manchester.
The site has hybrid planning consent for 1,493 build-to-sell homes, 475 hotel beds and 31,000 sq ft of ancillary commercial space.
Chris Stallard, relationship director at Leumi UK, said that the lender’s longstanding relationship with Frogmore was a key element of the deal.
He added: “This is a relatively large scale, complex site which required a good understanding of the market and the borrowers strategy. Leumi UK’s expertise, combined with our flexible and commercial approach, helped us to deliver this deal within a swift timescale.”
Andy Rogers, chief operating officer and group treasurer at Frogmore, said: “Cotton Quay holds a lot of potential and we believe it will help counter the residential supply/demand imbalance we’re seeing in the area.”
Knight Frank and Burgess Salmon acted for Leumi UK.
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