MCR Property Group has signed a £48m refinancing deal with Zorin Finance, a lender owned by a US billionaire’s investment firm.

The three-year facility, which is one of Zorin’s largest investment loans to date, includes the option to extend, and provides enhanced liquidity and the opportunity to unlock further growth opportunities.

The deal is set to allow MCR Property Group, which has offices in Manchester, Glasgow, Birmingham and London, to continue its commitment to bringing forward high-quality real estate projects.

The deal is set to focus on several properties in MCR’s property portfolio, which include two student accommodation schemes in Liverpool, two industrial business parks in Nottinghamshire and Northamptonshire, and phase two of a residential development in Luton.

Zorin Finance is majority owned by Avenue Capital Group, which is led by billionaire co-founder and chief executive officer, Marc Lasry, who used to own the Milwaukee Bucks NBA team from 2014 up until this year.

Chief operating officer at MCR Property Group, David Tracey, said: “In an uncertain market place, we need to be incredibly thoughtful and strategic in our approach to borrowing, consolidating debt and freeing up cash, which will allow us to continue to build our portfolio in line with our long-term strategy.

“The size and terms of this deal highlights the strength of our position in the marketplace and the confidence in us from Zorin, a long established and reputable finance company.”

Leading director at Zorin Finance, Alexander Banbury, added: “It has been a pleasure working with MCR Property Group. We look forward to supporting them on this transaction and to building our relationship with the Group over the next few years.

“We have been impressed by the diversity of MCR's portfolio which played a crucial role in structuring this deal and demonstrates their ability to successfully navigate multiple sectors of the real estate market.”

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