ASK Partners has provided a 24-month senior loan facility of £12m to AIM listed property developer, Conygar.
The facility will be used to fund the next stage of its 12-phase masterplan for the Island Quarter, a 36-acre city centre regeneration project in Nottingham.
The site is centrally located, just a three minute walk from Nottingham train station and close to the city’s two prominent universities, The University of Nottingham and Nottingham Trent University.
It is also opposite the 50,000 sq ft bioscience research facility known as “BioCity”.
The masterplan proposes 3.5m sq ft of residential, office, PBSA, hotel, bioscience and leisure uses. A 693-bed PBSA scheme is already under construction.
Elliot Blatt, head of origination at ASK, said: “It was a pleasure to work with the team from Conygar and provide finance to enable further progression of this ambitious masterplan.
“The location of the site is excellent and we are fully supportive of their intentions for its development.”
David Baldwin, finance director at Conygar, added: “We are very pleased to have completed this transaction with ASK.
“The team had a strong understanding of our business plan and were collaborative and efficient throughout the process.”
