MCR Property secures £48m refinancing deal
The developer has agreed a three-year funding facility with Zorin Finance in order to grow its portfolio.
MCR Property Group will use the £48m refinancing deal to move forward with a series of pipeline projects across the country.
The refinancing deal focuses on a number of the company’s previous developments, including two student accommodation buildings in Liverpool. These buildings are the 240-bedroom Unity Square and Haigh Court, which has more than 150 bedrooms.
MCR, which has offices in Manchester, London, Birmingham, and Glasgow, will also refinance phase two of a residential development in Luton and two industrial business parks in Northamptonshire and Nottinghamshire.
David Tracey, chief operating officer of MCR, commented: “In an uncertain marketplace, we need to be incredibly thoughtful and strategic in our approach to borrowing, consolidating debt, and freeing up cash, which will allow us to continue to build our portfolio in line with our long-term strategy.
“The size and terms of this deal highlight the strength of our position in the marketplace and the confidence in us from Zorin, a long-established and reputable finance company.”
Alexander Banbury, lending director at Zorin Finance, added: “We look forward to supporting [MCR] on this transaction and to building our relationship with the group over the next few years.
“We have been impressed by the diversity of MCR’s portfolio, which played a crucial role in structuring this deal and demonstrates their ability to successfully navigate multiple sectors of the real estate market.”
In February, MCR was also granted a £100m debt facility from ICG Real Estate to assist with the developer’s push to grow its industrial portfolio. The deal funded MCR’s purchase, refurbishment, and expansion of six commercial projects.