Castleforge has secured a £37m loan from specialist lender Secure Trust Bank (STB) Real Estate Finance to refinance a portfolio of 12 apartment blocks situated across England.
Comprising 602 flats and 798 beds, the portfolio includes blocks in Lancashire, Warwickshire, Norfolk, Suffolk, Greater Manchester and the Wirral.
The loan will be used to fund the London-based investor’s multi-residential collection for the next four years, with £3.6m of the facility issued as a bespoke capital expenditure loan, which will enable Castleforge to draw down funds for refurbishment works in a streamlined manner.
Jayan Patel, transaction lead at Castleforge, said: “It was a pleasure to once again work with Secure Trust Bank, which has been a longstanding and valued partner. This refinancing consolidates our existing arrangements into a single, efficient package and provides the flexibility needed to continue enhancing the quality and value of the portfolio.”
Barry Gorton, Secure Trust Bank’s head of portfolio management, added: “We are delighted to see this deal cross the finishing line. From the get-go, it was important that we understood and subsequently tailored the facility around Castleforge’s business plan, which we have certainly grown accustomed to over the past six years. I look forward to working with Jayan and the team in the future.”
James Reeves, relationship manager at Secure Trust Bank, said: “Thanks to our longstanding relationship with Castleforge, we were able to provide a bespoke loan structured around the business’s long-term plans. This was crucial in ensuring the deal’s near-seamless completion, alongside the team’s specialist knowledge and experience in property finance.”
