Investor and developer Legacie has secured £11.5m bridging loan on X1 The Platform, a 488-bedroom purpose-built student accommodation in Liverpool. Formerly known as The Exchange, the building was recently rebranded with X1 Sales & Lettings appointed as the new managing agent. Haymarket Management will oversee the building’s day-to-day operations and maintenance.
Hilco Real Estate Finance has provided the 12-month financing, allowing Legacie to repay existing indebtedness. Steve Allen, director at Hilco, said: “We are seeing more enquiries from borrowers in the student accommodation market and we are very pleased that we were able to deliver funds so quickly on this loan in the highly dynamic Merseyside market.”
Valuations for the transaction were undertaken by JLL, and legal due diligence was provided by Clarion.
Send feedback to Evelina Grecenko
Follow Estates Gazette
