Hilltop Credit Partners completes £13m loan for newbuild residential development in Leicestershire

By Bridging Loan Directory 8th August 2024

Funds advised by Hilltop Credit Partners, a leading residential- focused real estate investment manager, have completed a £13.1m loan to Mitchian Welland Limited for the development of 83 private residential units in Market Harborough, Leicestershire.

The project will deliver 83 units across three blocks ranging from four to five stories and comprised of 47 one-bed flats and 36 two-bed flats.

The development is a ten-minute walk from the town centre, which features a vibrant high street, with boutique shopping and local restaurants.

The train station is a 5-minute walk and offers commuters easy access to London (c. 1 hour) and Leicester (c. 15 minutes).

The development will also feature 36 dedicated parking spaces.

Market Harborough is consistently named by The Times as one of the best places to live in England.

For the decade to 2021, Market Harborough’s population growth of 14% was more than double that of the country as a whole, creating significant demand for new housing.

The affordably priced units are expected to appeal to rental investors seeking to tap strong local demand from both commuters, who will benefit from excellent transport links, and families with young children, who will benefit from the large number of good schools in the area.

The project sponsor team is comprised of a local developer / contractor and a project manager with 40 years experience across multiple industries and geographies, including the successful completion of a recent £13m residential-led scheme in Leicester city centre funded by Hilltop.

Philip Mitchell, Managing Director of Mitchian Group Limited, commented:

“It was a pleasure to work with Hilltop on our third transaction together.

Hilltop understand the complexities of development finance and know what it takes not only to close a transaction, but to continue to support it throughout its lifecycle.

We are excited to be launching our Welland Quarter development in the beautiful market town of Market Harborough and expect to see very strong demand for the units.”

Tiger Craft, President and COO at Hilltop Credit Partners, commented:

“Phil and his team have unparalleled knowledge of the Leicestershire residential market and have demonstrated the rare ability to not only find attractive sites but also to build and sell units on time and on budget.

It is a privilege to be able to continue to support the growth of Mitchian Group.”