The funding has been secured by Acorn Property Group to redevelop the former Hotel California in Pentire into a 24-unit residential scheme.

Ceasing operations in 2021, the hotel will be turned into 18 two-bedroom apartments, two penthouses and four semi-detached homes.

The facility was structured by Maslow’s development finance team, led by managing director (UK & Europe) Emma Burke, alongside associate Alexandra Gibney.

The transaction was introduced to the lender by Daniel O’Neil, executive director of commercial finance at SPF.

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“Acorn’s vision will breathe new life into a disused landmark, delivering much-needed homes in one of Cornwall’s most desirable coastal locations,” said Emma.

“We are pleased to have structured a bespoke financing solution that supports Acorn’s ambition, reaffirming Maslow Capital’s commitment to high-quality schemes in under-supplied markets.”

Melanie Omirou, executive group managing director at Acorn Property Group, added: “We are proud to be transforming this former hotel site and delivering 24 exceptional new homes in such a prime location overlooking the River Gannel.

“Maslow’s collaborative, solutions-led approach gives us the confidence to bring these high-quality homes at Gannel Waterside to life.”