The facility — agreed on an 18-month term — will be used to develop the site under approved planning permissions.
The construction plans include processes to reduce plastic use and on-site waste to reduce the environmental impact of non-recyclable plastics.
Non-flammable insulation will be used throughout to improve the development’s energy efficiency and, once completed, the scheme will offer green travel storage facilities to encourage reduced car use.
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This is Blackfinch Property’s first loan to a publicly listed borrower and required close collaboration between the lender’s in-house legal team and One Heritage Group’s advisers, Gateley PLC, to revise the security and loan structures accordingly.
Chloe Young, junior legal counsel at Blackfinch Property (pictured above), said: “We were delighted to break new ground with our first loan to a listed PLC.
“We were impressed by the experience and professionalism of the One Heritage team and look forward to working together with them on this project.
“At Blackfinch Property, we work hard to identify borrowers and lending opportunities that are aligned with our ESG principles.
“The site was in a derelict state, but it occupies a prominent location on one of the main routes into one of the most popular cities in England, and this development will regenerate the site to a hig specification, using sustainable materials and practices.”