The 22-month term loan will refinance the existing debt used for the scheme’s completed independent living and retirement units, as well as fund the development of 38 additional senior living apartments and associated infrastructure works.
Plans are also being advanced to add a high-end gym, pool and spa area, in addition to a restaurant soon to be provided.
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This is part of the developer’s wider plan to regenerate the former Royal Haslar site — comprising a 63-acre former military hospital with numerous Grade II-listed Georgian buildings dating back as far as 1753 — into a mixed-use scheme consisting of 270 open market residential units, 244 senior living residential units, a care home, business space, and retail and licensed premises.
These are to be provided within a mixture of new build and existing building conversions all against the backdrop of an extensive historic parkland setting with waterfront views.
Vinod Vijaya, lending director at Zorin Finance, said: “We would like to thank Haslar Developments for its business, and look forward to helping it deliver a leading scheme in this stunning and historic location.”
Pat Power, director at Haslar Developments, added: “We look forward to building a successful and long-term relationship with the Zorin team in the development of this multi-phase development of this spectacular site.”