Aldermore Bank has provided Carlton Hill Holdings Limited, a subsidiary of the Pickard Properties Group, with a £15.3m loan which will be used to refinance an existing loan and to raise additional capital, to assist in the development of a large student accommodation block in Leeds.
The loan is made up of a ten-year, part capital repayment, part interest only mixed portfolio facility to an experienced Yorkshire-based family property group.
Michael Graham, senior lending manager at Aldermore, said: “We’re delighted to have been able to work closely with Tim at BSH Consulting and Brian at Newsource Commercial Finance, to support Carlton Hill Holdings Limited and make sure they had the finance they needed to grow their property portfolio.
“This deal is another great example of how we’re backing our customers in the north of England.”
Miles Pickard, managing director of Carlton Hill Holdings Limited said: “This finance, with the delivery on our commitment to meet the accommodation needs of students and the needs of the city in this sector, will help provide an exciting scheme. We will be bringing a modern, purpose-built student accommodation to the city by completely regenerating the existing Carlton Hill site for Leeds University and Unipol.
“Our financial partnership with Aldermore will help to bring cutting edge design to all student accommodation that is built in the city by raising the bar. A considerable amount of thought has been given to the design, social circulation, and interaction for the wellbeing of students being at its heart. There will be larger than standard bedrooms and living spaces, sky gardens, and a mixture of natural interactive spaces for students to enjoy studying and socialising.”
Brian Walters, joint founder of Newsource Commercial Finance, who recommended Aldermore for the finance said: “This was part of a joint effort between Tim and myself, involving a major refinancing exercise across a number of lenders where Aldermore played a major role, refinancing a mix of retail and HMO investment assets at an extremely competitive rate. Achieving tight deadlines was critical to the success of this deal and Aldermore delivered impressively in that regard keeping us abreast of developments at all times ultimately resulting in a successful completion."
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