Hilco Real Estate Finance (HREF) has completed a £8.25m loan to a North West property investor, secured against a former hotel in South Manchester.
The building, previously an airport hotel, is now used as social housing after a change of use to temporary accommodation.
The property is let to Manchester City Council on a 10-year lease.
Fisher German LLP carried out the valuation and Clarion in Leeds handled legal due diligence.
Jamie Jolly (pictured), managing director at HREF, said: “The property is owned by a very experienced real estate entrepreneur who is seeking to optimise the operating performance of this asset that is excellently located close to one of the UK’s busiest airports.
“The deal was particularly complex due to the nature of the lease and term required.
“The team at Hilco Real Estate Finance (HREF) was able to draw on the vast amount of experience we have built across the team in order to structure a loan that allowed the borrower to leverage the asset and utilise funds to further grow an already impressive portfolio of property across Greater Manchester.”
Jolly added: “The nature of this transaction showcases HREF’s ability to work through challenging circumstances, be flexible and commercial in supporting borrowers with their financing requirements.”
