This will be developed in the city centre at The Axis, 10 Holliday Street, with full planning permission already in place.

Construction is expected to take three years and deliver 990 new homes across three residential blocks (484, 384 and 122 units) and a 221-bed aparthotel.

Vita will also construct a 720-bed PBSA and deliver one acre of public realm.

With building heights to range up to 49 storeys, the site’s topography — including a 4.5-metre level change — have been challenging.

This has been addressed through a series of landscaped terraces.

The facility required careful structuring due to the complexity of the site, its phased disposal strategy and market volatility. A number of conditions were subsequently agreed to enable drawdown to proceed, while ensuring appropriate risk mitigation for all parties.

 Drawdown completed six weeks post-sanction.

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Mike Feasey, relationship director at STB Real Estate Finance, headed up the deal.

“This was a complex transaction involving a prominent city-centre site and a phased strategy against a challenging market backdrop,” said Mike Feasey, relationship director at STB who headed up the deal.

“To see it drawdown is incredibly rewarding — it’s a perfect example of how tailored loans can support regeneration-led schemes in thriving cities like Birmingham.”

Peter Shipley, director of corporate finance at Vita Group, added: “This funding gives us the necessary flexibility at a key stage in the evolution of this site.

“Mike and the wider Secure Trust Bank team demonstrated a pragmatic approach throughout the process, working closely with us to navigate the scheme and the wider market conditions.

“This facility allows us to continue progressing the group’s strategy for the site.”