One Heritage Group will use the 18-month loan facility to build new apartments in Manchester
Blackfinch Property has completed a £4.1m residential development loan which will allow One Heritage Group plc to convert the site of a derelict Manchester pub into 27 apartments. The loan will be used to develop the site under approved planning permissions.
The loan facility, agreed on an 18-month loan term, is Blackfinch Property’s first to a publicly listed borrower, and required close collaboration between Blackfinch Property’s in-house legal team and One Heritage Group’s advisors Gateley Plc to revise the security and loan structures accordingly.
The construction plans include innovative processes to reduce plastic use and on-site waste, thereby reducing the environmental impact of non-recyclable plastics. We supported the borrower in adopting a prudent solution to anticipate potential future changes in fire safety guidelines. Non-flammable insulation will be used throughout to improve the development’s energy efficiency and, once completed, the development will offer green cycle travel storage facilities to encourage reduced car use.
Chloe Young, Junior Legal Counsel at Blackfinch Property, said: “We were delighted to break new ground with our first loan to a listed PLC. We were impressed by the experience and professionalism of the One Heritage team, and look forward to working together with them on this project.
“At Blackfinch Property, we work hard to identify borrowers and lending opportunities that are aligned with our environmental, social and governance (ESG) principles. The site was in a derelict state, but it occupies a prominent location on one of the main routes into one of the most popular cities in England, and this development will regenerate the site to a high specification, using sustainable materials and practices.”
Martin Crews Development Director at One Heritage said: “We are looking forward to working with Blackfinch Property to deliver the development and building a long term relationship with them.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected].