The funding will be used to finance the acquisition of both the land and all associated build costs.
Plans have been secured to demolish the former doctors surgery, and replace it with nine luxury apartments.
The estimated value of the development once complete is expected to be approximately £3.1m.
The loan was agreed at 100% LTC on an 18-month term.
This is the fifth development facility BFS has provided to the developer.
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Steve Barber, managing director at BFS, said: “We have completed a number of deals with this client in the past and have huge confidence in their knowledge, understanding and capabilities.
“We were able to take an independent view on their borrowing request and have agreed to finance the entire deal.
“The site is in a great location, very close to the town centre and the apartments are designed to a particularly high specification, offering strong returns on investment.
“We look forward to working closely with the client throughout the construction phase through to spring, when the homes are scheduled for completion.”
A Starship Group spokesperson added: “We have built a solid working relationship with BFS over many years.
“We regard them as our partner and an extension of the wider team.
“We collaborate with them at the very beginning and value their insight and input, as they offer sound advice and present viable solutions to the most complex of financial challenges.”