Pluto Finance completes on £25m Midlands BTR Loan with Monk Estates, in conjunction with the Housing Growth Partnership and MAF Finance Group.

Pluto Finance, a leading provider of development finance, is pleased to announce its second loan completion with the Housing Growth Partnership (HGP), for a transformative project in the Midlands by renowned real estate company, Monk Estates.

The loan, totalling £25 million, will be instrumental in supporting the repurposing of an Edwardian factory, and the construction of two interconnected new build apartment blocks. This ambitious project is a collaborative effort between the four entities. MAF is a pre-eminent debt and equity advisory group, a specialist in real estate transactions.

The repurposed Edwardian former hosiery factory, spanning four stories, will be transformed into a modern and stylish residential hub, blending heritage charm with contemporary design. Adjacent to the factory, the two interconnected new build apartment blocks will seamlessly integrate with the existing structure, enhancing the development's architectural appeal, and assisting in reducing overall massing.

Upon completion, this exceptional development, undertaken by Monk Estates, will feature 171 residential units, catering to a diverse range of lifestyles and needs. Additionally, an associated commercial unit let to Sainsbury’s Local will serve both residents and the surrounding community, further enhancing the project's vibrancy and economic impact. The development is anticipated to provide an unparalleled residential experience, offering modern amenities, green spaces, and a sense of community within a historical setting.

The Pluto Finance team is thrilled to support this development, which is aligned with their commitment to supporting innovative and sustainable development projects in the BTR sector.

Evan Griffin, Lending Director at Pluto Finance commented "We are excited to partner with HGP and MAF Finance Group on this Midlands build-to-rent scheme by Monk Estates. "The repurposed factory, coupled with the new build apartment blocks, will create a distinctive living environment, contributing to the ongoing urban renewal in the area, and addressing the need for city centre living of this nature. “

Sam Monk – Director of Monk Estates Commented

“We are very pleased to be working with Pluto Finance on this project. They have been very helpful and forthcoming which in the current evolving debt market is a breath of fresh air, we thank MAF Finance group for their help and look forward to doing more together in the future”.

Dave Chapman, Managing Director at MAF Finance Group Commented

“Both Paul Delaney and I are delighted to have been involved in arranging the debt and introducing the client to HGP and Pluto, working with all parties, to structure this exciting deal. This is the second transaction we have assisted Robert and Sam Monk on in the BTR sector and we look forward to seeing the Hylyfe Leicester scheme flourish as the development progresses.”

Mike Murphy, Investment Director at Housing Growth Partnership (HGP) Commented

“We are thrilled to be supporting our new and highly experienced partner Monk Estates to deliver HGP’s first Build to Rent scheme in the East Midlands region. Our £5.7m investment will enable Monk Estates to deliver much-needed rented accommodation in a prime location in Leicester City Centre. The Highcross development will significantly contribute to the regeneration that is already well underway in the area, further enhancing the attractiveness of the location to the target rental market”.