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Trowers advises North East housing association on £110m refinancing

Law firm Trowers & Hamlins has advised North Star Housing Group on a refinancing deal worth £110m.

North Star is based in the North East of England and provides homes across the Tees Valley, North Yorkshire and County Durham.

The restructure and refinance will help the housing association develop 600 new homes over the next eight years, adding to the current stock of just under 4,000 units owned and managed by the organisation.

The refinance was linked to the consolidation of the group's legal structure in which three registered providers, Teesdale Housing Association, Darlington Housing Association and North Star Housing Group (the previous parent RP) transferred their engagements into Endeavour Housing Association, which has been re-branded North Star Housing Group. 

Trowers' Banking team advised on all aspects of the financing work including consent to the transfers of engagements and the Real Estate Governance Team dealt with the transfers of engagements. The firm’s Real Estate Finance Security Team dealt with all property aspects, carrying out due diligence on the majority of properties owned across the Group.

The banking team was led by partner Neil Waller with associate Jane Kirkham assisting. The governance team was lead by partner Sharron Webster with senior associate Anna Moore assisting. Melanie Comer, partner, led on all property aspects, working with senior associate Lauren Mason-Smith.

Neil Waller, banking and finance partner at Trowers, said: “We are very pleased to have supported North Star on this transformative project, which has enabled them to simplify their group, streamline their funding structure and rationalise their property security all in one hit. This is a great example of our governance, finance and property security teams working together seamlessly to deliver the various different moving parts simultaneously and in line with the required timetable."

James Walder, Executive Director of Finance & Business Support at North Star Housing Group, said: "The completion of the treasury and group restructure is an important milestone for North Star Housing Group. We have a clear strategy to both invest in our existing assets and develop new homes. Delivering on our treasury strategy in these highly uncertain times has been a real achievement for North Star Housing Group and we look forward to delivering our ambitious plans for the future. We would like to thank Centrus [the housing association’s financial advisors] and Trowers & Hamlins for their expertise, advice and support on this project."

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