Peer-to-peer lender funds completion of luxury Portrush apartments

By Bridging Loan Directory 4th May 2018

Assetz Capital has provided £2.8m to fund the development of 21 apartments and retail space at Main Street, Portrush, Northern Ireland.

The Coastal Links Apartments are being constructed by award winning developer MAM Group. Located on Main Street, the scheme has immediate access to both beaches, Royal Portrush Golf Club and the town’s nightlife. The Coastal Links development will also offer its residents a unique communal sky terrace.

The development will consist of one three-bedroom and 20 two-bedroom apartments, which will range in price from £139,950 to £395,000.

The completion of the scheme is scheduled ahead of the upcoming British Open golf tournament, which is set to take place in Portrush in July 2019. Of the 21 apartments, 17 have been released with 10 agreed.

Darrel McCauley at MAM Group, said:

“Coastal Links Apartments offers residents stylish and affordable apartments in the very heart of Portrush. The team at Assetz Capital and Lindsay Commercial Finance helped us every step of the way in securing funding for this project, and their knowledge and understanding of the development sector was second to none.”

“Demand has been exceptionally strong and we are delighted to have 10 bookings off plan. It’s tremendous to see the vacant site come to life again and we are excited to see the building completed before The Open in 2019.”

Andrew Fraser, Relationship Director for Assetz Capital in Northern Ireland, said:

“MAM Group have done well to ensure that the new development ties in with the local streetscape of Portrush. The town centre is undergoing significant regeneration prior to the British Open, and the Coastal Links Apartments are certainly fitting with this initiative. We are pleased to support MAM with this project, and it is fantastic to see further construction job creation in this area.”

Kyle Lindsay, Director at Lindsay Commercial Finance, said:

“We are pleased to have worked with Assetz Capital and MAM Group to provide a robust and hassle-free funding arrangement, enabling the development of what we believe to be an outstanding scheme of superior apartments in Portrush. We are delighted to be working on realistically priced and thoughtfully designed building projects of this calibre.”