A Durham property firm will soon be seeking out significant development opportunities across the region after completing a £20m refinancing deal.
3R Land and Property has received the funding from Handelsbanken, in Durham, who instructed law firm Sintons to oversee the transaction as part of the firm’s plans to broaden its North East projects.
The business has an extensive student accommodation portfolio in the historic city, as well as an array of commercial property in Durham, Newcastle and Gateshead, but the new deal gives the firm the chance to look at housing and commercial projects.
After terminating its relationship with previous lender Northern Rock 3R turned to the Durham office of Handelsbanken, led by Bill Ridley, to finance the deal.
The transaction was brokered by corporate financier Mark Nixon in one of the largest deals in the city’s real estate market for several years, while Neil Hart and Peter Bartley of Bradley Hall provided commercial advice and instructed 3R on the management of its portfolio, with Baker Tilly and Knight Frank also advising on the deal.
Robert Fulton, director of 3R, said: “Since changing to a new lender, with whom we have a very positive and supportive relationship, we are now able to consider plans for significant developments throughout the North East.
“We are grateful for the support of everyone who has enabled this deal to become reality.”
A four-partner team at Newcastle law firm Sintons handled all of the legal aspects.
Mark Dobbin, who heads Sintons’ specialist banking and finance team, assisted by Laura Peace, carried out all the secured lending work.
Christopher Welch provided commercial advice, and Alok Loomba handled the real estate aspects for 3R.
Dobbin, partner in the banking and finance team at Newcastle-based Sintons, said: “We have worked with Handelsbanken on many substantial transactions over the course of many years, but this is our first with their Durham branch.
“We are very pleased to have played a role in this deal.”
Bill Ridley, head of Handelsbanken’s Durham office, said: “We are delighted to have been involved in such a significant deal for Durham and to have had the opportunity to work with great local professional teams.”
Peter Bartley, director at Bradley Hall, said: “The completion of this major refinancing opens up significant development opportunities for Robert and 3R. We are proud to have played a key role in one of the largest real estate deals in the North East this year.”