CMS advises Placefirst on £150m loan facility

Lawyers from CMS’ Manchester office have advised build-to-rent provider Placefirst Limited on a £150m loan facility from a major institutional investor, which was initially used to refinance existing bank debt from high street banks and will also be available to provide working capital for future growth and development.

PlaceFirst specialises in the design, development and management of quality residential neighbourhoods in key towns and cities predominantly in the north of England.

A CMS team led by partner Ruth Marken and of counsel Tim McNamara from CMS’ rapidly growing real estate finance team in Manchester and supported by real estate partner Tanya Francis and associate Chris Beesley advised Placefirst on the transaction.

“This was an exciting mandate to work on, and it’s reflective of the dynamic state of the real estate finance sector in the region, particularly as new exciting developments are planned,” says real estate finance partner Ruth Marken.  “It’s great to have a strong Manchester team working on significant projects for Manchester-based and other northern clients.”