Hilltop provides £11.2m loan to Ascena Developments
Hilltop Credit Partners has completed an £11.2m loan to Ascena Developments for the redevelopment of a Grade II listed hotel in Devon.
The project will deliver 15 high-specification houses and five flats within a gated community.
The original hotel mansion is to be converted into five flats, retaining most of its original Victorian features, with 14 houses and a cottage built upon the original eastern and western flanks.
The project sponsor team comprises a national property investor and entrepreneur plus an experienced local developer with over 40 years’ regional construction experience and a large network of local authority contacts.
Alan Rees, managing director of Ascena Developments, said: “Hilltop’s enthusiasm for the development matches our own – an elegant building in a picturesque location is the perfect opportunity for current market dynamics. We expect a very successful project.”
Tiger Craft, chief investment officer of Hilltop Credit Partners, added: “This is a high-end development with large unit sizes and a charming, in-demand location.
“Coupling this with local market data and the post-COVID shift in purchasing attitudes, I have no doubt there will be significant demand.”