"This is the second student accommodation completion for HREF over the last 12 months, and we see this as a sector where we can add real value"
- Steve Allen - Hilco Real Estate Finance
Hilco Real Estate Finance has announced that it has completed an £11.5m 12-month bridging loan on The Platform, a prominent, 488-unit, purpose-built student accommodation building located in Liverpool.
The loan allowed the borrower to repay existing indebtedness on the recently acquired asset. HREF was able to turn the deal around at a rapid pace in order to meet borrower deadlines, moving from initial engagement to funds being transferred in just over 14 days.
The Platform, located close to both the University of Liverpool and Liverpool John Moores University, is newly built (2021) and has been performing strongly since its opening.
“We are seeing more enquiries from borrowers in the student accommodation market, and we are very pleased that we were able to deliver funds so quickly on this loan in the highly dynamic Merseyside market," commented HREF director Steve Allen.
"This is the second student accommodation completion for HREF over the last 12 months, and we see this as a sector where we can add real value. The sponsor, in this case, has a strong track record, and the asset is well positioned to take advantage of several strong local universities.”
Max Lewis, HREF's chief investment officer, added, “This was a large and complicated transaction that HREF was able to complete in just two weeks, precisely because we are deploying our own capital and are therefore able to lend with greater certainty and faster. This showcases HREF’s market-leading speed of completion and deal execution capabilities.”
