The team behind a 171 apartment build-to-rent scheme in Leicester’s Waterside regeneration area has won £25 million of backing. Work is already underway on the Hylyfe Leicester scheme going up in Highcross Street, next to the city’s Novotel.
Developer Monk Estates, which is based in Nottingham, has been loaned the money from MAF Finance Group, working in conjunction with the Housing Growth Partnership (HGP) and Pluto Finance.
The site, close to Highcross shopping centre, includes two connected apartment blocks spanning four storeys, integrated with a former hosiery factory.
Monk Estates was set up in 1991 and is a family-owned property development and investment company which works in sectors including residential, student accommodation, industrial, office, leisure and retail.
Director Sam Monk said: “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.
“The company has been instrumental in providing us with both initial and long-term development funding, helping us to achieve our goal of creating 1,000 apartments, developed, managed and retained.”
MAF Finance Group – previously Midlands Asset Finance – is now part of now part of Begbies Traynor Group. It was established in 2009 and spans the complete financial market across the UK, working to support the SME and larger corporate markets to source funding.
It has specialist bankers and asset financiers providing expertise in asset finance, invoice finance, property finance and wider debt structuring, and is headquartered in Alfreton, Derbyshire, with a 50-strong team.
MAF Finance Group co-managing director Dave Chapman said: “Both our property director Paul Delaney and I are extremely pleased to have been involved in arranging the funding and introducing the client to HGP and Pluto Finance, working with all parties, to structure this exciting deal.
“This is the second transaction in the build-to-rent sector in which we have assisted Robert and Sam Monk of Monk Estates, and we look forward to seeing the Hylyfe Leicester scheme flourish alongside Hylyfe Nottingham which is already progressing well.”
