The property company has secured £6.4m in funding for the project.
The dilapidated 12-storey office building has been transformed into a co-living development by the London-based business.
It recently reached practical completion and can accommodate more than 200 residents.
- Funding dependent on loan book redemptions to finance current commitments could become 'problematic'
- Multi-million-pound industrial scheme in Wolverhampton completes
- Over 50% of property developers to 'substantially' increase investment in Midlands
Barry Glantz, managing director at The Studios24 (pictured above), said: “To have secured a £6.4m loan from Cynergy Bank while the UK is experiencing very difficult economic circumstances is a major vote of confidence in our co-living concept.
“We have been discussing the deal with [the bank] over the course of the last six months and we have been able to strike a very good long-term deal.
“One of the many things that impressed them was the demographic at The Studios24.
“Of all our current residents, only 10 are students, and they are post-graduates.
“The rest are working in sectors such as healthcare, construction, education, human resources, and technology.”
Simon Gunnell, relationship director at Cynergy Bank, said that the bank was “delighted to support Barry and all at The Studios24 on this project”.
“[Our] model uses local, skilled relationship managers that understand the markets where we operate, who can quickly learn our clients’ needs and deliver certainty at speed.
“We look forward to supporting Barry and wish him every success as he looks to roll out this model across the Midlands.”