The specialist lender provided its long-standing client with a £180,000 funding package to cover 100% of planning and option costs for the project.
The development is located a five-minute walk from the city centre and features 34 one-bedroom and 18 two-bedroom apartments.
The funding was based on due diligence carried out by PMJ to establish the chances of planning success.
Exit or repayment will be from either sale with planning or to develop out under a forward funding agreement.
The package was put together in just two weeks, with PMJ taking a charge on the contract/option on the site.
The plans were submitted by Johnson Mowat Planning and Development Consultants, working with Niemen Architects.
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David Rainford, managing director at PMJ Capital (pictured above), said: “This is the fifth project we have supported Beluga on…”
“Our decision to assist Beluga with this unconventional basis of support was also influenced by their track record with us on other similar transactions and the experience of the professional team engaged on the project.
“PMJ prides itself on understanding and building relationships with clients who value our quick decision making and pragmatic approach to lending and this project firmly shows our flexibility and ability to tailor bespoke funding packages.”
Paul Duffy, managing director at Beluga Projects, added: “We are really excited to be developing our first project in Yorkshire and submitting detailed planning during lockdown is a huge testament to the team for this exciting scheme.
“Our thanks to David who has worked with us as a partner throughout the process and been with us every step of the way, his support has been key in getting us to this point.”