Monk Estates has secured a £25m loan to deliver new homes at a historic site in Leicester.
MAF Finance Group, part of Begbies Traynor Group, in collaboration with Housing Growth Partnership and Pluto Finance, has backed the property developer with its proposals to transform an Edwardian factory into a build-to-rent scheme. The project will also include the construction of two interconnected new-build blocks.
Upon completion the development will include 171 flats, as well as a commercial space that will be available to serve both residents and the surrounding community.
Dave Chapman, co-managing director at MAF, said: “This is the second transaction in the build-to-rent sector in which we have assisted Monk Estates, and we look forward to seeing the Hylyfe Leicester scheme flourish alongside Hylyfe Nottingham, which is already progressing well.”
Sam Monk, director at Monk Estates, added: “Despite a very challenging market within the finance sector, MAF has once again provided us with top-tier service and advice throughout the entire process, from early feasibility through to completion.”
To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews
Discover which agents have been most active in Leicestershire so far this year >>
