A £16m commercial residential investment refinance loan was provided to Kexgill via Aldermore bank.
A £16m, ten-year, interest only commercial residential investment refinance loan on properties in both Nottingham and Liverpool was provided to Kexgill following on from a previous deal that was reached with Aldermore on properties in Kexgills University Quarter in Hull.
The previous deal was a £29m commercial residential investment facility used to refinance 174 residential units, consisting of 857 bedrooms, at the University Quarter in Hull.
To date Aldermore’s lending to the Kexgill Group has totalled £46m, demonstrating their faith in Kexgill as an experienced property investor with a proven track record.
Graham Ritchie, head of commercial mortgages north at Aldermore, said: “It’s great to be backing Kexgill again and provide them with the tailored funding facilities they need. Kexgill are highly experienced property investors and developers within the student accommodation space and are one of the leading providers in the North of England.
Student accommodation is a sector which unfortunately many traditional lenders have turned their backs on, as developments can be complex. This deal demonstrates Aldermore’s expertise in this market and our commitment to providing support for regional lenders like Kexgill.”
Michael Graham, senior lending manager at Aldermore, said Kexgill’s properties are in “prime locations” – and will help “strengthen” the quality of student accommodation in the two cities.
He said: Across all properties Kexgill manage, they have maintenance teams who are available 24/7 and are ready to conduct repairs within the same working day.”
Richard Stott, managing director of the Kexgill Group, said: “Another smooth transaction from Aldermore helping us expand in selected areas in the UK. I’m particularly pleased with the courtyard development purchased in Liverpool which ideally suits our returning student model.”