Owners of new Leicester aparthotel secure £13.8m funding

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The owners of Leicester’s latest aparthotel have secured £13.8million in funding.

Aimrok Holdings, owner of The Gresham – a recently opened short-lived apartment complex in the town’s former Fenwick tenement – ​​has received backing from Cynergy Bank.

This will allow Aimrok to refinance its existing facilities now that the building is open for business.

The developer spent two years creating the aparthotel in the Grade II listed building on the corner of Market Street and Belvoir Street.

It has 121 short-term serviced apartments, each with a kitchen and private bathroom, as well as a fitness room and laundry room.

There’s also a restaurant and bar called ‘Black Iron Social’ – open to guests and the general public – which is run by the same team behind Winstanley House Hotel and City Rooms Leicester.

There are four store units in the scheme and ‘Gresham Works’ – 12,000 square feet of conference facilities and co-working space, which have been leased to Leicester City Council under a 25-year deal year.

The redevelopment was partly funded by an £8.2m loan from Maslow Capital and a £4m loan from the Growing Places Fund (GPF) through the Leicester and Leicestershire Enterprise Partnership (LLEP).

Mark Copson, a partner at Aimrok Holdings and co-owner of The Gresham, said Cynergy Bank was the right fit for the business.

He said, “The team applied innovative and strategic thinking to find the right solution to meet our requirements.

“We look forward to building on this relationship and working with the team in the future.

Sat Shingadia, Relationship Manager at Cynergy Bank, said, “It has been a pleasure to work with Aimrok holdings, to complete the bank’s first turnkey commercial transaction.

“Aimrok Holdings is a successful business and is led by an impressive management team and will no doubt grow from strength to strength.”

The building was designed by Leicester architect Isaac Barradale in the 1800s. It originally comprised eight separate buildings and housed Joseph Johnson’s department store until 1962 when it was purchased by Fenwick.

Three of the original units were granted Category II status in October 2017, and the new hotel opened last November.

Cynergy Bank was established in 2018 by entrepreneurs to meet the needs of business owners, real estate entrepreneurs and family businesses.

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