Pluto Finance has completed a second loan with the Housing Growth Partnership (HGP), for a total of £25m for a project by real estate company Monk Estates.
The 36-month term 60% LTV facility secured by MAF Finance will support the repurposing of a four-storey Edwardian hosiery factory into a residential hub, and the construction of two interconnected new build apartment blocks.
Once completed the development will feature 171 residential units and an associated commercial unit let to Sainsbury’s Local.
Evan Griffin, lending director at Pluto Finance, said: "We are excited to partner with HGP and MAF Finance Group on this Midlands BTR scheme by Monk Estates.
"The repurposed factory — coupled with the new build apartment blocks — will create a distinctive living environment, contributing to the ongoing urban renewal in the area, and addressing the need for city-centre living of this nature.”
Mike Murphy, investment director at HGP, added: “We are thrilled to be supporting our new partner Monk Estates to deliver our first BTR scheme in the East Midlands region.
“Our £5.7m investment will enable Monk Estates to deliver much-needed rented accommodation in a prime location in Leicester City Centre.
“The Highcross development will significantly contribute to the regeneration that is already well underway in the area, further enhancing the attractiveness of the location to the target rental market.”
