London, 28 February 2019
Fortwell Capital, principal lender to developers and investors within the UK real estate sector, has continued its strong start to 2019 with the completion of a £55 million development finance facility to developer Cole Waterhouse.
The loan will enable the construction of No.1 Old Trafford, a development of 354 apartments available for private sale in Trafford, Greater Manchester. Situated in a strategic gateway location opposite the home ground of Manchester United Football Club, and across the River Irwell from Salford Quays, the prestigious scheme will deliver the utmost in lifestyle and leisure. Work is expected to complete in Q1, 2021.
This is the second facility written by Fortwell Capital in 2019, following the provision of an acquisition loan for a Leeds office building in early February. Fortwell Capital has a large appetite for supporting developers and investors on larger, more-complex real estate financing opportunities since the £400 million capital injection it received from Cain International at the end of 2018. The firm’s 2019 origination strategy continues to involve the pursuit of lending opportunities across a broad range of asset classes in strong regional centres.
The transaction was brokered by Link Real Estate Finance.
Arthur Jennings, Managing Director at Fortwell Capital, said: “Loans of this size and scope underline not only the capital we have available to deploy, but also our appetite for regional development opportunities. Out team’s genuine understanding – of both debt financing and the underlying real estate proposition – makes us well-placed to act quickly and capitalise on opportunities as they arise. We look forward to working with Cole Waterhouse and ensuring the successful development of this first-class scheme.”
Damian Flood, CEO of Cole Waterhouse, said: “In an iconic location, with excellent transport links to the city centre and Salford Quays over the river, No.1 Old Trafford will be one of Greater Manchester’s leading addresses. The expertise and insight that Fortwell Capital brings to the table makes them our financing partner of choice for schemes such as this, and the team’s support will be crucial in delivering this prestigious development.”
Niall Brown, Director of Link Real Estate Finance, said: “We are pleased to have introduced Fortwell Capital to our client, who was quick to realise the potential of the scheme and the client’s business plan, offering market-leading terms. Fortwell Capital’s experience and ability to make decisions has been central to the success of this finance closing.”