Hilltop Credit Partners Completes £4.6 Million Bridge Loan For 388-unit New Build Residential Development In Leeds
Funds advised by Hilltop Credit Partners have provided a bridge loan facility of £4.6m to Pascoe Homes. They will be used to acquire a brownfield development site with planning permission for 388 private residential apartments in the Victoria Riverside area of Leeds.01 September 2022
- Funds advised by Hilltop Credit Partners have provided a bridge loan facility of £4.6m to Pascoe Homes
- Funds will be used to acquire a brownfield development site with planning permission for 388 private residential apartments in the Victoria Riverside area of Leeds
- This “bridge-to-development” facility will be the second development delivered by Pascoe Homes in partnership with Hilltop and will be followed by a c. £60m development loan facility in Q4 2022
Funds advised by Hilltop Credit Partners, a real estate credit investment manager, have completed for a £4.6 million bridge loan facility for the acquisition of a brownfield development site to Pascoe Homes, a developer of affordable, modern and eco-friendly homes.
With planning permission for 388 private residential apartments across four blocks in the Victoria Riverside development area of Leeds, 60% of the development’s units are expected to be priced below current regional Help-to-Buy thresholds. The loan was secured through Hilltop Credit Partners’ recently launched real estate credit acquisition platform Credit Stream – a cloud-based borrower onboarding and portfolio management software application. Credit Stream allows developers to access funds up to 3x faster than the traditional process and will ensure clear communication and collaboration throughout the delivery of the project.
Located on the River Aire, Victoria Riverside is part of the South Bank regeneration area, which has been recognised by JLL as the area of the city with the strongest capital growth prospects, and is expected to double the size of Leeds city centre. The development will offer outdoor amenity space, parking, and access to the Riverside Walk, which provides a 1.3-mile walk to the city centre. The development is part of the Leeds City Council’s regeneration plan, which calls for the delivery of over 50,000 new homes by 2033 to meet anticipated population growth.
Paul Oberschneider, CEO of Hilltop Credit Partners, commented:
“We are pleased to be working with Pascoe Homes again following the success of our partnership on the Newtown Apartment scheme in Ashford. Victoria Riverside will be the first project to utilise our Fintech platform, Credit Stream, using technology to drive forward regeneration. We believe the rejuvenation of this brownfield land will deliver vital affordably priced homes in Victoria Riverside, attracting many customers as well as investors and boosting the Leeds local economy.”
Richard Pascoe, Managing Director of Pascoe Homes, commented:
“Our partnership with Hilltop Credit Partners has proved to be a fruitful collaboration, so we are delighted to be working with them again on this exciting urban regeneration development. We look forward to delivering these modern sustainable homes due to be completed by September 2025.”