The 45% LTV facility was secured against the 141,000 sq ft, Grade II-listed building, as well as a portfolio of other mixed-use UK assets.

The market-clearing, short-term facility allowed the buyer to leverage their investment at very short notice, affording them the flexibility to procure senior term-loan financing in 2023.

The Corn Exchange — built between 1896-1903 and most recently redeveloped in 2017 — comprises a restaurant and leisure venue on the ground, lower ground and first floors, and an aparthotel on the upper floors.

The property has 18 leases with an average lease term of 17 years and, according to Cohort Capital, still offers some scope for improving occupancy and tenant mix to further enhance value.

Matt Thame, founder of Cohort Capital, said:  “With this deal, we were able to deliver with certainty and speed — which goes a long way in the current market, especially with acquisition opportunities which have real deadlines attached.

“Having a reputable introducer and adviser like Westfort Advisors assisting with the closing process made the underwriting process much more straightforward.

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“Now that the ‘Goldilocks’ period of low inflation, rates and growing assets prices has come to an end, having an experienced debt adviser who introduces quality business, but also exits existing loans to term debt couldn’t be more important for lenders and borrowers alike.”

Richard Herring, co-founder of Westfort Advisors, commented: “This is a fantastic outcome for the investor and for Cohort, both of whom managed to weather some severe headwinds while remaining pragmatic and flexible throughout the process.

“The key to the deal’s success was the diversity of the collateral package, the quality of the Corn Exchange, and the calibre of the sponsor.

“Special thanks should be paid to our legal advisors at Farrer & Co and to Matt at Cohort, who were instrumental in getting the deal across the line.”

Deepak Drubhra, co-founder of Westfort Advisors, added: “We are delighted to have arranged this facility with Cohort Capital, which has enabled our client to secure one of Manchester’s most notable restaurant and hospitality destinations.

“All parties involved have worked tirelessly to complete this transaction in a tight timeframe during a turbulent economic climate and we look forward to shortly engaging with senior lenders to arrange a term loan facility.”