Cape Homes purchased the property in 2015 and the development work carried out involved the demolition and alterations to the building along with its adjoining structures.
This resulted in nine apartments within Albion House, two apartments inside the Coach House, a terrace of four dwellings and a four-storey block comprising seven apartments in the rear courtyard.
The specialist lender and savings bank has previously worked with Cape Homes on a development in Cheltenham.
Simon Knowles, head of property development at Aldermore, said: “Over the past 17 years, Cape Homes has been delivering high-quality housing in the Gloucestershire region and we are delighted that we could offer support for the development of 22 new apartments at Albion House.
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“We are pleased to have supported Cape Homes, especially at a time when developers are playing such an important role in delivering the housing the country desperately needs to tackle the serious lack of new homes."
Mark Holland, managing director and founder of Cape Homes, added: “We're really delighted to have finalised our new development at Albion House and offer 22 new homes to the people of Gloucester.
“Having previously worked with Aldermore on a development in Cheltenham, we understand the tailored service the bank provides, which we knew would meet our needs for this project too.
“We found Aldermore extremely easy to work with throughout the whole process and the team demonstrated a strong desire to help us with a bespoke loan, in a short space of time.
“The flexibility has allowed us to have access to funds that will help support our business and provide much-needed further housing to the community.