UTB — which successfully supported phase one of the development — has supported the growth of the borrower through the funding of increasingly larger schemes across multiple sites in recent years.
The site owners had originally intended to complete the project themselves but struggled to find a finance partner.
The developers are now approaching practical completion of phase one of the development.
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UTB provided the funding for the joint venture between the site owner and developers at 84% loan-to-cost, with phase two expected to deliver an additional 36 new-build apartments in the former grounds of the building.
The specialist bank recently agreed to provide a £12.1m loan to an SPV for the acquisition and development of a former bus depot site.