“The nature of this transaction showcases HREF’s ability to work through challenging circumstances, be flexible and commercial in supporting borrowers with their financing requirements”
– Jamie Jolly – Hilco Real Estate Finance
Hilco Real Estate Finance has announced that it has provided a £8.25m loan facility to a property investor in the Northwest, secured against a former hotel in South Manchester now used as temporary accommodation.
The building, which has undergone a change of use, is currently used for social housing. It is let to Manchester City Council under a 10-year lease agreement.
Jamie Jolly (pictured), managing director at Hilco Real Estate Finance (HREF), said: “The property is owned by a very experienced real estate entrepreneur who is seeking to optimise the operating performance of this asset that is excellently located close to one of the UK’s busiest airports.
“The deal was particularly complex due to the nature of the lease and term required. The team at Hilco Real Estate Finance (HREF) was able to draw on the vast amount of experience we have built across the team in order to structure a loan that allowed the borrower to leverage the asset and utilise funds to further grow an already impressive portfolio of property across Greater Manchester. The nature of this transaction showcases HREF’s ability to work through challenging circumstances, be flexible and commercial in supporting borrowers with their financing requirements,” he added.
Fisher German LLP conducted valuations for the deal, while Clarion in Leeds handled legal due diligence.
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