Al Rayan Bank to finance MCR Property Group’s major High Wycombe residential development
Retail estate investment and development company MCR Property has secured a £30m refinancing deal through Al Rayan Bank for its residential development in High Wycombe, due for completion in 2023.
The Old Works, which began construction in 2020 and will provide a total of 228 new-build, one and two-bed apartments, regenerates a brownfield site that was once a Victorian furniture factory.
The refinancing deal will cover 143 apartments under the development’s PRS scheme, the majority of which were leased during a 10-week letting programme ran by MCR Property’s residential arm, MCR Homes.
The finance from Al Rayan Bank also includes a bridging facility to enable building work to continue as the developer waits for sales of apartments in the adjacent Birch House building, which was finished in September, to complete.
Aneel Mussarat, Founder of MCR Property Group, said: “This development marks the latest milestone in the growth of our private rental offering as we look to meet the demand for high quality and modern homes at affordable price points.
“The demand we’ve seen for this scheme is testament to High Wycombe as an attractive location for residential investment. Strong connectivity to London and the elevated underlying house-price-to-income ratio, make it particularly favourable for the private rental sector.
“Al Rayan Bank is a fantastic partner and Sharia lender. The finance is integral to enabling us to deliver this scheme to the local community and the team worked with us closely throughout the process.”
Maisam Fazal, Chief Commercial Officer at Al Rayan Bank, said: “This deal reinforces our strategy of focusing our operations on commercial property and premier banking. The Bank continues to actively seek opportunities to work with clients whose business is focussed on residential investments.
“MCR Property is a long-standing client of Al Rayan Bank and has a strong track record of creating high-quality homes across the UK. We look forward to continue working with them as they expand their residential portfolio.”
