Law firm Hill Dickinson has advised Liverpool-based property developer Legacie Towers Limited (known as Legacie Developments) on securing a £36.25 million loan from private equity investment firm, ICG Real Estate.
The loan, which was first announced back in October 2022, provided a funding boost to Legacie’s £85 million flagship residential development, Embankment Exchange, in Salford, Manchester.
Hill Dickinson banking partner Richard Capper, assisted by senior associate Jordan Clarke, led on the banking aspects of the deal on behalf of Legacie, with assistance from trainee solicitor, Anna Timms.
Real Estate partner Alex McCann and senior associate Jon Pearson-Basudev handled the property aspects, with construction partner Alan Pugh and associate Emily Williamson dealing with the construction-related elements.
Commenting on the deal, Richard Capper said: “John Morley and the team at Legacie are currently delivering over 2000 residential developments across the UK, which gives them a significant presence in the residential development market. ICG’s investment in Embankment Exchange marks a new partnership between the two parties and we were delighted to advise Legacie on the deal.”
Embankment Exchange is Legacie’s second scheme in Manchester. The 36-storey, 300-apartment complex will feature a spa, gym, residents’ lounge, bar, work-from-home booths and a 24-hour concierge, with the aim of appealing to professionals in the region.