Hilco Real Estate Finance has completed an £8.25m bridging facility secured against a former airport hotel in South Manchester, now repurposed as temporary social housing.
The property, once serving the nearby airport, is now leased under a 10-year agreement, following a change of use to supported accommodation. The funding was provided to a North West-based real estate investor seeking to improve the operational performance of the site and unlock capital for wider portfolio growth.
Jamie Jolly (pictured), managing director at Hilco Real Estate Finance (HREF), said the borrower was a highly experienced entrepreneur with a significant portfolio in Greater Manchester. He noted that the facility was structured to reflect the “complex nature of the lease and term required”.
“This transaction showcases HREF’s ability to work through challenging circumstances, be flexible and commercial in supporting borrowers with their financing requirements,” said Jolly.
The lender said it drew on its internal experience to navigate the deal’s intricacies, enabling the borrower to leverage the asset and reinvest the proceeds across other opportunities in the region.
Valuations were provided by Fisher German LLP, while Clarion, based in Leeds, acted on the legal due diligence.
