Real estate credit investment manager, Hilltop Credit Partners, has completed a £4.6 million bridge loan facility to fulfil the acquisition of a brownfield development site to Pascoe Homes.
The loan was secured through Hilltop Credit Partners’ real estate credit acquisition platform Credit Stream, a software application for borrower onboarding and portfolio management.
Richard Pascoe, managing director of Pascoe Homes, commented: “Our partnership with Hilltop Credit Partners has proved to be a fruitful collaboration, so we are delighted to be working with them again on this exciting urban regeneration development. We look forward to delivering these modern sustainable homes due to be completed by September 2025.”
The Leeds residential development
The development, which has planning permission for 388 private residential apartments across four blocks in the Victoria Riverside development area of Leeds, will be located on the River Aire, which is linked to the South Bank regeneration area that aims to double the size of Leeds city centre.
As part of Leeds City Council’s regeneration plan, it will contribute to the delivery of over 50,000 new homes by 2033.
Once complete, residents will have plenty of restaurants, shops, and cafés to choose from as it is only a 1.3-mile walk to the city centre. Easy access to the Riverside Walk and nearby parking will be provided, too.
The modern and eco-friendly homes also aim to be affordable, with 60% of the 388 private residential apartments expected to be priced below current regional Help-to-Buy thresholds.
Paul Oberschneider, chief executive officer of Hilltop Credit Partners, concludes: “We are pleased to be working with Pascoe Homes again following the success of our partnership on the Newtown Apartment scheme in Ashford. Victoria Riverside will be the first project to utilise our Fintech platform, Credit Stream, using technology to drive forward regeneration. We believe the rejuvenation of this brownfield land will deliver vital affordably priced homes in Victoria Riverside, attracting many customers as well as investors and boosting the Leeds local economy.”