OakNorth has completed its largest deal to date with a £40.2m property investment loan to Select Property Group.
The facility will help the property development and investment company to finance its new brand Origin Homes, which will develop 356 new homes in Manchester.
The scheme will consist of two residential towers: Exchange Point – an 18-storey building with 147 residential units – and Laurence Place – a 16-storey block with 209 residential units.
The buildings – located in the Greengate area in central Manchester – will also provide over 14,000 sq ft of commercial space.
Eamonn O’Rourke, property finance director at OakNorth, said: “The team at Select Property [has] successfully completed and sold a diverse range of projects from student accommodation to serviced apartments, totalling over £500m of GDV across the UK.
“Their experience is particularly notable in Manchester, where they have an extensive portfolio and a prime position in the market.
“We’re very excited to be completing our largest deal to date with them and look forward to working with them on additional projects in the future.”
Mark Stott, founder and CEO of Select Property Group, added: “As the city where we’re headquartered and one where we’ve now completed several large-scale residential projects, Manchester plays a very significant role in our business and our portfolio.
“It is one of Europe’s fastest-growing cities and with the Ordsall Chord and High Speed 2, its popularity will only continue to grow.
“Projects of this scale typically take several months to complete, but [OakNorth] were able to do it in a matter of weeks.”
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