Aldermore provides multi-million pound ‘develop-to-hold’ loan for grade ii listed apartment block in Sunderland
Aldermore has provided a multi-million pound commercial mortgage to X8 Developments Limited for a recently developed apartment block in Sunderland – the Bank having also initially provided the development finance.
The property is a Grade II listed building and was formerly utilised as a banking hall. It has been converted to 19 residential apartments, with a good mix of one-bed and two-bed flats and studios, plus two commercial units on the ground floor. It is situated in a well located area close to the A19 and railway providing great transport options for new residents and businesses.
X8 Developments Limited specialises in the conversion of old commercial buildings into modern high specification apartments and commercial premises. Aldermore worked alongside its client to provide a loan to support the development and then smoothly transition that to a long-term commercial mortgage loan.
Michael Graham, senior lending manager at Aldermore, said: “We’re delighted to build on our existing relationship with X8 Developments Limited and help them retain their completed scheme as a long-term investment.
“X8 Developments Limited are experienced property developers, and with our expertise in both the property development and commercial mortgages space, we were able to work together with Jesper to deliver on both fronts for him. We’re excited to see what’s next for his company and hope to be able to further develop our relationship.”
David Whitehouse, property development manager at Aldermore, said: “When first structuring the development loan for Jesper it was always his intention to retain the properties longer term. It’s great to see that now the development is complete and occupied we have provided the ‘develop-to-hold’ longer-term loan for him as planned.”
Jesper Lindharth Frederiksen, director at X8 Developments Limited, said: “I am proud of the successful completion of the Sunderland project with support from Aldermore Bank. The converted listed building offers unique living and working spaces in a well-located area. Despite challenging market conditions, our team at X8 Developments and Aldermore overcame obstacles to deliver a high-quality development. I thank Aldermore for their support and trust and look forward to further successful projects together.”