en.Wedoany.com Reported - UK financial institution Aldermore has provided a £27.8 million commercial real estate loan to Highcross Street Holdings Limited, refinancing a recently completed residential development in the centre of Leicester, England.

The funding supports a joint venture between Monk Estates and Housing Growth Partnership for the 171-unit residential development, which operates under the Hylyfe brand. The project comprises studio, one-bedroom, two-bedroom, and three-bedroom apartments arranged around a landscaped communal courtyard, with a Sainsbury's supermarket on the ground floor. Located on Highcross Street, opposite the Highcross Shopping Centre, amenities include a gym, cinema, roof garden, business and co-working spaces, and communal social areas. Founded in 1991, Monk Estates has a track record in the build-to-rent and purpose-built student accommodation sectors.

Azfar Rizvi, Commercial Director of Aldermore's Commercial Real Estate division, said: "The build-to-rent sector is playing an increasingly important role in meeting housing demand in regional hub cities, where high-quality, professionally managed rental accommodation is often lacking."

Derek Davidson, Senior Lending Manager at Aldermore, said: "We are pleased to support Highcross Street Holdings and Monk Estates with this loan, which builds on our existing relationship and backs an experienced sponsor operating in a sector we know well."

Mike Murphy, Investment Director at HGP, said: "We are delighted that the refinancing of this residential development has been completed following a short stabilisation period. The project, comprising 171 homes, will help alleviate Leicester's housing shortage, and we will continue to work with Monk Estates to manage the development."

Samuel Monk, Director of Monk Estates, described the Highcross development as a milestone in the company's regional city residential development platform, stating: "Our relationship with Aldermore has been an important part of our growth journey to date."

The refinancing follows the completion and initial stabilisation period of the residential development, with Aldermore structuring the loan to support the operational phase while aligning with the client's portfolio growth plans.

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