Property developer Monk Estates is to create 171 homes at a historic site in Leicester with financial backing of a £25m build-to-rent loan secured through collaboration between Housing Growth Partnership, Pluto Finance, and the MAF Finance Group.
The build-to-rent loan will be instrumental in supporting the repurposing of an Edwardian factory and the construction of two interconnected new build apartment blocks. Spanning four storeys, the redeveloped former hosiery factory will be transformed into a modern and stylish residential hub, blending heritage with contemporary design.
Next to the factory, the two interconnected apartment blocks have been designed to integrate with the existing structure, enhancing the development’s architectural appeal, and helping to reduce overall massing.
Upon completion, the development will feature 171 residential units, as well as an associated commercial unit which will be available to serve both residents and the surrounding community.
MAF Finance Group co-managing director Dave Chapman said: “Both our property director Paul Delaney and I are extremely pleased to have been involved in arranging the funding and introducing the client to HGP and Pluto Finance, working with all parties, to structure this exciting deal.
“This is the second transaction in the build-to-rent sector in which we have assisted Robert and Sam Monk of Monk Estates, and we look forward to seeing the Hylyfe Leicester scheme flourish alongside Hylyfe Nottingham which is already progressing well.”
Monk Estates director Sam Monk added: “Despite a very challenging market within the finance sector, MAF has once again provided us with top tier service and advice throughout the entire process, from early feasibility through to completion.
“The company has been instrumental in providing us with both initial and long-term development funding, helping us to achieve our goal of creating 1,000 apartments, developed, managed and retained.”
Established in 1991 and based in Nottingham, Monk Estates is a family-owned property development and investment company. It works on projects across a range of sectors including residential, student accommodation, industrial, office, leisure and retail.
Now part of Begbies Traynor Group, MAF Finance Group (previously Midlands Asset Finance) was established in 2009 and spans the complete financial market across the UK, working to support the SME and larger corporate markets to source funding across a range of products.
