The loan will be used to convert three upper floor of a listed building – formerly offices – into nine one- and two-bedroom flats.
The project is due for completion in autumn 2020, with a show flat to be ready in June.
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Bruce Robertson, relationship director at Assetz Capital (pictured above), said: “It has been a really exciting journey working with Status Properties on our shared vision to positively invest in the growth of the North East of Scotland economy.
“This is an example of Assetz supporting a viable and sensible scheme, despite generalised economic challenges.”
Alan Wallace, director at Status Properties, added: “Bruce and the team at Assetz Capital have supported us every step of the way and we’re looking forward to continuing our work with them as this process continues throughout the year.”