The bank made the loan to Leo Property Group to allow it to purchase the redevelopment site in Salford.
Leo Property Group intends to either sell the site or carry out a joint venture development on the land, which has approval for 525 town houses and apartments in four tower blocks.
The plans for the site on Regent Road also include a private sky garden, residential lounge, gym, coffee shop and landscaped communal recreation areas.
Paul Jagota, managing director of Leo Property Group, praised the challenger bank after the facility took just six weeks to drawdown following the initial meeting and hopes this is one of many more deals to come.
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“We have worked for some time now with Cambridge & Counties and find them to be highly efficient and pragmatic in what is still a difficult property market.
“They are always willing to ‘think outside of the box’ and can work to exceptionally tight deadlines.”
Cambridge & Counties were introduced to Leo Property Group by Keith Miller of Miller Associates, while Ian Tempest of law firm Freeths in Manchester acted for the borrower.
The challenger bank was represented by its in-house solicitor Anil Kumar, with Samuel Beilin and Partners acting for Leo Property Group.
“We are very pleased to have been able to quickly progress this loan to help in the regeneration of a derelict site by such an exciting proposal,” said Carl Ashley, director of business development for Cambridge & Counties in the North and Scotland.
“The development will connect several neighbouring projects that will revitalise the area.”
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