Specialist property lender Leumi UK has agreed to a £13.75 mln (€15 mln) short-term loan with UK real estate fund manager Frogmore, to refinance Cotton Quay – an 8.5-acre waterfront site in Salford Quays, Manchester.
The site has hybrid planning consent for 1,493 Build to Sell residential units, 475 hotel beds, as well as 31,000 sq ft of ancillary commercial space.
Cotton Quay is a waterfront site, situated only two miles west of Manchester City centre in a major regeneration area. Knight Frank and Burgess Salmon acted for Leumi UK.
Chris Stallard, Relationship director at Leumi UK said: 'This is a relatively large scale, complex site which required a good understanding of the market and the Borrower's strategy. Leumi UK’s expertise, combined with our flexible and commercial approach, helped us to deliver this deal within a swift timescale.'
Andy Rogers, Chief Operating Officer and Group Treasurer at Frogmore said: 'Since our first deal with Leumi UK in 2012, we’ve found their customer-oriented approach to be invaluable. They are consistent and supportive regardless of market volatility.'