The subsidiary of Palace Capital will use the facility to part finance the mixed-use development of Hudson Quarter, York, which will comprise 127 residential apartments, 34,500 sq ft of offices, 5,000 sq ft of commercial space and car parking in central York.
Palace Capital acquired the two-acre site — where the former 100,000 sq ft Hudson House office building was located — as part of the corporate acquisition of the sequel portfolio from Quintain Ltd in 2013.
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The new facility will be drawn down during the construction phase of the scheme and repaid with the proceeds from residential sales.
“I am pleased we have arranged this facility with Barclays Bank at a competitive rate through [its] Leeds office, and we are looking forward to working with them on this project,” said Stephen Silvester, finance director at Palace Capital.
“We have sought throughout to engage with the local community, local authority and now a local Yorkshire-based real estate team from Barclays.”