Halo Developments will use the capital to restore and convert The Corn Exchange, a former cinema and nightclub which has been unused since 2002.

The site will be transformed into 12 residential units including ground-floor and basement commercial space. The 18-month facility is structured at 70% LTV/GDV.

Senior originator Mark Witherington and underwriter Nicoleta-Smaranda Iorgu managed the transaction for Pallas Capital.

The deal was introduced by Richard Norton at R&E Finance, who worked closely with the Pallas team to navigate the specific requirements of the developer.

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"The Corn Exchange is such an iconic piece of Ringwood’s history, so it was rewarding to help clear the technical hurdles to get the build started,” said Nicoleta-Smaranda.

“Consolidating the titles was a real puzzle, but staying in close contact with the team at Halo Developments and the broker meant we could move through the complexities quickly.

“We are proud to play a part in bringing a landmark like the old Regal Cinema back to life for the town."

Eddie Hill, managing director at Halo Developments, added: "It was great to find a funding partner as enthusiastic and responsive as the team at Pallas.

“Their process was efficient and transparent from the start, providing the kind of clarity you need when managing a sensitive restoration like The Corn Exchange.”