Alternative Bridging recently completed a £15 million loan to fund Millingate’s development of Brockhurst Gate Retail Park – its largest loan to date.
ABC first supported the commercial developer with a land loan for its Brockhurst Gate Retail Park project during the planning process and then with a further facility when detailed planning permission was granted.
Now that Millingate are proceeding with the development, the facility has been increased to £15 million to fund 100% of the building contract, fees and interest.
The project comprises 76,866 square feet of space for major retailers including a Marks & Spencer Food Hall, Iceland, Home Bargains, Lidl and Costa and McDonald’s drive-throughs. Construction has begun and is scheduled to complete by late 2018.
Jonathan Rubins, director of ABC, described the large project as an “absolute labour of love”.
“We were there at the beginning, middle and end of the financing arranging and Millingate’s professionalism throughout has been truly inspirational,” he said. “Now we look forward to seeing the park trading.
Millingate’s director, Anthony Sweeney praised ABC for processing the loan. He added: “This has enabled us to see the Brockhurst Gate project through to completion and the generation of in excess of 300 jobs.”