The refinance will transfer some of the developer’s property assets on to long-term investment finance and releases additional funds to allow for further acquisitions of development opportunities.
Urban Creation develops and manages property developments focusing on student housing and accommodation for professionals in the heart of Bristol.
The refinance with Hodge Bank covers two properties being converted into boutique student accommodation near the University of Bristol as well as two other properties, one of which will also provide further housing for students in the city.
- Developer enters Irish market with student accommodation plans
- Investment in student housing set to rise
- Student housing construction hits 5-year high
Jonathan Brecknell, director of Urban Creation (pictured above, left), said Hodge Bank was an excellent partner as it had a flexible approach as well as a real understanding of how property works.
“This year, we are set to complete the refurbishment of a number of properties that we have invested in recently and, with the new finance arrangements now in place, we have the time and funds to be able to buy new stock to further grow the company.”
Andy Button (pictured above, centre) – who negotiated the deal on behalf of Hodge Bank – added: “Urban Creation is a well-regarded property developer and operator in Bristol and this is a significant new relationship for the bank as we continue to develop our profile as specialist real estate bankers across the UK, and particularly in the Bristol and Bath region.”
JLL advised on the valuations, Access to Finance helped to arrange the finance, while TLT Solicitors acted for Urban Creations and Eversheds-Sutherland acted for Hodge Bank.
Also pictured: Kevin Beevers from Hodge Bank