Cording Real Estate Group has secured debt facilities, totalling €46.5m (£40m), from Barclays Bank for two of its private rented sector (PRS) residential developments. The two facilities, which are for four-year terms, have been provided for Merlin Wharf, a 384-apartment development in Leicester which is due for completion in November 2020, and John Street, a 362-apartment development in Warrington which is due for completion in June 2021.
James Whidborne, head of UK residential and social impact fund management, said: “These are the first in a series of loans we are aiming to secure for our growing PRS development portfolio”.
Jessica Tomlinson, Head of Real Estate, London, at Barclays Corporate Banking, said: “We are delighted to be supporting Cording with a funding package allowing them to bring over 700 new homes to market in Warrington and Leicester. The Real Estate team at Barclays is committed to helping developers build more homes both for rent and for sale”.