Specialist property lender Leumi UK completes on a £26.53m loan facility with property investor Livingway Group, to refinance and expand its residential portfolio across key cities in North England.
The package provides £14.8m for refinancing five existing rental assets in Stockport, Manchester, Leeds and Bolton, and an £11m loan to support the acquisition of Roco, a newly refurbished 119 apartment residential Build to Rent property in Liverpool.
Roco will provide tenants with space and streamlined services and will use technology to support the tenant experience. Roco will include ground-floor amenity space comprised of a gym, screening room, bar, working space, a communal dining area and an attractive roof terrace, which will be developed by Livingway and part funded by Leumi UK through a capex line. Livingway aim to ensure a quality service that fosters a sense of community, with several events held throughout the year – such as food fests and movie nights.
“We’re looking forward to supporting Livingway Group’s presence in the UK’s underserved rental market. Amidst the current economic turbulence, cities in the North of England remain an attractive location for counter-cyclical investment. As house price growth continues to outstrip wage growth and rising interest rates make home ownership unaffordable for many, Livingway are providing an excellent alternative to an undersupplied private rental market.”Andrew Boyce, Relationship Director, Leumi UK
The existing properties are in areas where demand for quality private rental units is considered to be high, and which, with properties newly built or recently converted over the last three years, are expected to be an attractive prospect for renters.
“We are pleased to partner with Leumi UK to grow our portfolio across the UK. We are positioned as the emerging UK landlord and rental living operator, meeting the needs of today’s renters and shaping the future of renting a home. We are happy that Leumi UK is supporting us with our mission to create homes that supply exemplary living spaces and unique experiences that empower our residents to be together and live life.”Nigel Fisch, Livingway Group