The three-year extendable facility represents a move by MCR to enhance liquidity with a focus on a specific number of properties within its portfolio, including two student accommodation schemes in Liverpool, phase two of a residential development in Luton and two industrial business parks in Northamptonshire and Nottinghamshire.
David Tracey, COO at MCR (pictured above), commented: “In an uncertain marketplace we need to be incredibly thoughtful and strategic in our approach to borrowing, consolidating debt and freeing up cash, which will allow us to continue to build our portfolio in line with our long-term strategy.
- Hilltop launches real estate funding and management platform
- Zorin Finance completes £18m development loan for Staines residential scheme
- Zorin Finance completes £17.2m loan for St Albans development
"We are thrilled to have successfully secured this loan through the support of Zorin Finance and look forward to further building our relationship with them throughout and beyond the terms of the deal."
Alexander Banbury, lending director at Zorin Finance, also said: "It has been a pleasure working with MCR [and] we look forward to supporting on this transaction and to building our relationship with the group over the next few years.
“We have been impressed by the diversity of its portfolio which played a crucial role in structuring this deal and demonstrates its ability to successfully navigate multiple sectors of the real estate market."
Leave a comment