Hilltop Credit Partners completes £33m loan for new residential development
Hilltop Credit Partners has announced a new partnership with MCAP Global Finance (UK) LLP and has provided a £33m loan for a new residential development in Worcester
The new residential development will form part of Phase I of the Sherriff’s Gate development in Worcester city centre.
The planned Sheriff’s Gate development is a multi-phase, mixed-use project that will include 469 apartments, 40,000 square feet of commercial and retail space, a 200-room hotel, multiple restaurants, 10-pin bowling alleys, a cinema, a gym and nearly 1,000 new parking spaces.
The development is part of Worcester City’s master plan to build over 3,000 new homes, 9 new parks, squares and public spaces, 8,600 new jobs, 9 miles of new cycling infrastructure and the restoration of 8 historic buildings.
“Providing funding for new homes across the UK”
Paul Oberschneider, CEO of Hilltop Credit Partners, said: “Over the past two years, Hilltop has been an active player in the UK development lending market, supporting SME residential developers and providing finance for new homes in across the UK.
“Our partnership with Marathon, one of the world’s leading institutional credit managers, will allow us to finance larger developments with full loans of up to c. £100 million.
“Pioneers of Worcester Town Center Regeneration”
Jon Braidley, Senior Managing Director of MCAP Global Finance (UK) LLP added: “We are delighted to partner with Hilltop Credit Partners to finance the development of Sherriff’s Gate, as the first players in the regeneration of Worcester’s town centre. .
“Leveraging MCAP’s and Marathon’s extensive decades-long experience in the property and global credit markets, we look forward to identifying additional funding opportunities in the attractive UK residential development lending market, in collaboration with Hilltop.
New build residential development will provide affordable housing in Worcester
Mohith Sondhi, Senior Director of Debt Funding at OakNorth Bank, added, “We are delighted to continue our long-standing relationship with Hilltop Credit Partners to provide core funding to Sherriff’s Gate, which will provide affordable housing in the city. history of the West Midlands. from Worcester, delivered by an experienced local developer.
“We look forward to working on additional transactions with the Hilltop team.”
A transformative effect on downtown Worcester
Stennard Harrison, CEO of Sherriff’s Gate Limited, said: “We are thrilled to innovate on a development site that we have been assembling for over 30 years.
“With a footprint of over 7 acres, the Sherriff’s Gate development will have a transformative effect on downtown Worcester.
“Given the strong local demand for housing and the lack of supply of affordable housing that has been delivered over the past decade, we believe there will be strong uptake of Phase I units both by owner-occupiers and owner-tenants. It was a pleasure to work with the Hilltop team whose deep understanding of development finance enabled us to successfully complete this complex transaction.