Urban Creation has arranged a re-finance of some of its portfolio with Hodge Bank.
The deal amounting to almost £12m transfers some of the company’s property assets onto long-term investment finance and releases additional funds to enable Urban Creation to acquire other development opportunities.
Urban Creation develops and manages high quality property developments, with a current focus on homes for students and professional accommodation in the heart of Bristol.
The refinance covers two properties currently being converted into boutique student accommodation, Charlotte’s Rise, on Charlotte Street in Clifton, and Manor House, off St Michael’s Hill, by the University of Bristol campus.
It also includes two other Clifton properties, Prince Rupert House on Tyndalls Park Road, which is student accommodation, and Beech House, where 14 apartments and two houses are being created.
Jonathan Brecknell, director of Urban Creation, explains: “Hodge Bank is an excellent partner for us because they have a flexible approach and real understanding of how property works that means the finance they provide is exactly tailored to the needs of our business.
“This year, we are set to complete the refurbishment of a number of properties that we have invested in recently and, with the new finance arrangements now in place, we have the time and funds to be able to buy new stock to further grow the company.”
Andy Button who negotiated the deal on behalf of Hodge Bank said: “Urban Creation is a well-regarded property developer and operator in Bristol and this is a significant new relationship for the bank, as we continue to develop our profile as specialist real estate bankers across the UK, and particularly in the Bristol and Bath region.”
Property consultancy JLL in Bristol advised on the valuations, whilst Access to Finance helped to arrange the finance. TLT Solicitors acted for Urban Creation and Eversheds-Sutherland acted for Hodge Bank.