The facility will be used to transform a former college building and two smaller lodges into 48 private apartments.

The project is being undertaken by Acorn Property Group, a repeat borrower for LendInvest.

The loan package comprises a land loan and a construction loan to facilitate the conversion.

The Grade II-listed buildings, including the former college, principal’s house and caretaker’s lodge, will all be converted, creating 44 apartments within the main college building along with four additional units in the smaller lodges.

The college building served as the setting for the UK Netflix drama ‘Sex Education’.

Steve Larkin, managing director for development at LendInvest, commented: “This development is a prime example of urban regeneration, breathing new life into a landmark building and creating much-needed housing in a fantastic location.

•   The Finance Professional Show 2024: The Video
•   Wavesmere Homes receives green light for £130m HMS Ganges mixed-use redevelopment
•   Valouran planning £225m Notting Hill redevelopment

“We are pleased to be continuing our partnership with Acorn Property Group and we’re looking forward to seeing the progress on this ambitious project.”

Melanie Omirou, group managing director at Acorn Property Group, said: “We are delighted to be working once again with LendInvest on this exciting and sensitive redevelopment.

“Tempus at Parc y Coleg is a unique opportunity to revitalise a much-loved historic site, bringing elegant and contemporary living to the heart of Caerleon while preserving its architectural heritage.”

Daniel O’Neil, executive director at SPF Private Clients, added: “Great to work with LendInvest on funding this latest Acorn Property Group deal.

“Their flexible approach, quick turnaround and deep understanding of the borrower’s specific funding requirements made them the right fit for this project.

“Always a smooth process with Steve and the team.”