£33m secured for affordable West Midlands homes

Sherriff’s Gate development has secured a £33m loan to develop 213 affordable houses in Worcester City Centre. The homes will form the first phase of a mixed-used scheme comprising 469 homes, 40,000 sq ft of commercial and retail space, a 200-room hotel, restaurants, bowling lanes, a cinema, gym, and nearly 1,000 parking spaces. The loan was provided by OakNorth Bank, Hilltop Credit Partners, and MCAP Global Finance (UK), the UK subsidiary of New York-based Marathon Asset Management. Paul Oberschneider, founder and chief executive of Hilltop Credit Partners, said: “Over the past two years, Hilltop has been an active player in the UK development lending market, supporting SME residential developers and providing funding for new homes across the UK. Our partnership with Marathon will allow us to fund larger developments with whole loans of up to £100m.” Mohith Sondhi, senior director of debt finance at OakNorth Bank, added: “We are continuing our long-standing relationship with Hilltop Credit Partners to provide senior financing for Sherriff’s Gate, which will provide affordably-priced housing in the West Midlands city of Worcester, delivered by a local developer.” To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @gre_eve