The long vacant Royal Clarence Hotel suffered fire damage in 2016 with only small parts of the original facade and internal structure remaining.

Borrower NooKo Developments will use the funding to renovate the site, restoring the original facade while reinstating architectural features and detailing lost in the fire.

BLEND worked closely with Nooko to identify and assess the key risks associated with the site before applying a bespoke structuring approach to the facility.

Construction will be undertaken through the borrower’s in-house contracting capability, supported by established local subcontractors familiar with similar city-centre schemes.

NooKo is seeking to retain many classic and historic elements of the original building while introducing a modern design.

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“For us, this isn't just a development; it’s a responsibility. Having successfully delivered Paternoster House, we are proud to bring that same level of care and local expertise to this restoration,” said Max Sayers, director at NooKo.

“By working with a lender like BLEND who understands the nuances of heritage projects, we are able to move forward with the certainty needed to finally give this site the future it deserves."

David Alcock, managing director at BLEND, added: “This was a complex development requiring careful structuring and a lender willing to engage with the detail.

“Our experience across property and finance allowed us to understand the risks and collaborate closely with the wider team to structure a deal that delivered certainty and, put simply, made the project work.”