Hilltop Credit Partners, a residential-focused real estate investment manager, has completed a £16.1 million loan to Mitchian Group for a new Build to Rent (BTR) development in central Leicester.

The Jarrom Street scheme, which Hilltop Credit Partners is funding, aims to create 122 new homes. This development includes 116 one-bedroom apartments, one two-bedroom apartment, and five studios. Additionally, the scheme will feature internal communal spaces and a 1,300 square foot roof terrace.

This project addresses the current shortage of new rental homes in Leicester, aligning with Leicester City Council’s goal to build 39,400 new homes between 2020 and 2036. Tiger Craft, President and COO of Hilltop Credit Partners, expressed enthusiasm about the partnership with Mitchian Group, highlighting their proven ability to identify and execute lucrative development opportunities in Leicester. He anticipates that the new development will attract landlords keen to benefit from the growing demand for rental properties in the area.

Located near the NHS Leicester Royal Infirmary, the new scheme is also conveniently situated within walking distance to De Montfort University and Leicester University. The affordably priced, high-specification homes are expected to be particularly appealing to NHS workers, students, and local professionals.

The project team consists of a local developer/contractor and a project manager with 40 years of experience, including the successful completion of a £13 million residential-led scheme on Northgate Gate Street in Leicester city centre, also funded by Hilltop Credit Partners.

Philip Mitchell from Mitchian Group commented on the acute housing shortage in Leicester and expressed confidence that the Jarrom Street development would provide essential, reasonably priced accommodation for students and professionals in the area. He also acknowledged the productive collaboration with Hilltop Credit Partners, marking their second loan for a Leicester-based project following the successful completion of the Northgate Street development. Mitchell appreciates Hilltop’s commitment to investing in affordable housing in the market.