Hilltop Credit Partners has loaned £16.1m to Mitchian Group for the development of a 122-home scheme in Leicester.
The Jarrom Street project will deliver 116 one-bedroom flats, one two-bedroom flat and five studios as well as a ground-floor commercial unit, internal communal space and a 1,300 sq ft residents’ roof terrace.
The loan is Hilltop’s second to Mitchian Group, following the successful exit of a £13m, residential-led development near Leicester city centre.
Tiger Craft, president and chief operating officer of Hilltop Credit Partners, said: “It is a privilege to work with the Mitchian Group again following the success of our first partnership in Leicester.
“They have proven their ability to successfully identify and execute on attractive development opportunities in their local market, and as we continue to invest in the Leicester housing market, we believe this latest development will prove extremely attractive to landlords seeking to capitalise on a record imbalance between rental supply and demand.”
Philip Mitchell, managing director of Mitchian Group, added: “The Leicester market continues to suffer from an acute shortage of housing stock, and we believe our Jarrom Street development will provide much-needed, affordably priced accommodation to local students and professionals.”
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