Commercial law firm Hill Dickinson has advised national residential rental market developer Oblix Living on a £15.3 million loan from specialist lender United Trust Bank.
The investment will go towards the £24 million redevelopment of former HMRC building Saxon House in the centre of Leicester as a Build to Rent (BTR) scheme. The new development will see the six-story 89,000 sq ft building renamed as The Saxons and converted into 100 apartments.
Oblix Living was advised by Hill Dickinson’s Real Estate, Banking and Construction teams led by partner Jim Garton (Real Estate) and senior associate Jordan Clarke (Banking), together with associate Lucy Owen-Jones.
Jim Garton said: “National demand for BTR accommodation has continued to grow rapidly in recent years. Our multidisciplinary team was able to advise the management team at Oblix Living on the various aspects required to facilitate this loan, which provided a joined-up approach and secured the funds to create much-needed city centre accommodation.”
Oblix investment director Anthony James said: “We’re delighted to have secured funding for redevelopment of the former HMRC building as a prime city centre build-to-rent offering. The team at Hill Dickinson guided us expertly through the various legal aspects of the transaction, which certainly helped close the deal in a timely manner and to the satisfaction of all parties.”
