Property group poised for growth after securing £48m refinancing deal

A £48m refinancing deal has been arranged for Manchester-based MCR Property Group.

The real estate investment and development company secured the deal with London’s Zorin Finance, marking one of the largest investment loans to date from the finance firm.

The refinancing is a three-year facility with the option to extend.

The transaction represents a strategic financial move for MCR Property Group, providing enhanced liquidity and unlocking further growth opportunities, allowing the company to continue in its commitment to delivering high quality real estate projects, while reinforcing its position in the market.

David Tracey, COO of MCR Property Group, said: “In an uncertain market place, 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 highlights the strength of our position in the marketplace and the confidence in us from Zorin, a long established and reputable finance company.”

The refinance deal focuses on a specific number of properties within MCR’s portfolio, including two student accommodation schemes in Liverpool, including the Unity Square scheme, phase two of a residential development in Luton and two industrial business parks in Northamptonshire and Nottinghamshire.

David added: “We are thrilled to have successfully secured this loan through the support of Zorin Finance and look forward to further building our relationship with them throughout and beyond the terms of the deal.”

Alexander Banbury, lending director at Zorin Finance, said: “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.”