Hilltop completes £2.6m loan for development in Northumberland
A Grade II-listed former office building in the town centre in Hexham, Northumberland is set to be converted after funding was secured to acquire the building.
Funds advised by Hilltop have provided a £2.6m loan to LOK Development 05 Limited, a company controlled by the Morton Group.
The funds will be used to develop 16 residential units through conversion of the building.
Gary Morton, chief executive of Morton Group, said: “We are excited to be partnering with Hilltop on this development, and we believe there will be strong demand from both ‘downsizers’ and young families for the units we are building.
“The Morton Group is focused on delivering high-quality residential developments in the North East of England.”
Paul Oberschneider, chief executive of Hilltop Credit Partners, said: “We are pleased that Morton Group has chosen to work with Hilltop on this exciting development. Morton Group has unparalleled knowledge and experience in the North East market, and it has been a pleasure to work with this talented management team.”