£12m funding deal for student accommodation scheme
Property development and investment firm Mount Property Group has received £12m development finance to fund its 574-bed Natex student scheme in New Islington, Liverpool.
The deal will fund the scheme’s completion, which is targeted for September 2020.
The 16- and 10-storey scheme is being constructed by Mount Construction and management contractor Barton Group Services and is one of six schemes currently under construction by the group.
Managing director Michael Chrysokhou said: “This is a key milestone for the business and for the student accommodation market in Liverpool.
“We are looking forward to progressing this great scheme and creating an iconic building the city and its student population will be proud of.”
Neil Bradley, of law firm Shoosmith’s who advised on the deal, added: “Working together with Mount and the professional team to secure this development funding within a five week period is a great result for us and for Mount Property Group.
“The 574-bed Natex scheme will provide a quality asset for Liverpool’s education sector for years to come.”
Mount Property Group is based in Liverpool. Founded in 2012 with the aim of creating exceptional buildings in prime city centre locations across the UK, it offers its investors high yielding opportunities and its end users high quality properties.
The group has created subsections within the business to ensure full control of the build process, with Mount Construction and its Mount Students division maintaining the quality and standards expected of the group.
Michael Whitworth, client partner at Shoosmiths for Mount Property Group, added: “I’m very pleased that we are able to offer the full range of services and support to Mount during their significant period of growth.
“Both me and my team here at Shoosmiths are looking forward to continuing to work with Mount on their new and existing schemes.”