Atelier has completed a £9.6m development loan to fund the ground up development of 35 new apartments in York city centre.
Structured over a 26-month term at 70% loan-to-gross-development-value (LTGDV), the loan supports the site acquisition and construction, comprising a mix of one-, two- and three-bed units.
Atelier’s completion of the £9.6m loan will allow The Torsion Group’s residential arm, Torsion Homes, to deliver much needed housing in York, where demand continues to outstrip supply.
Rav Kudhail, lending director at Atelier, said: “We are really pleased to be working with Torsion Group for the third time to deliver this residential development in York city centre.
“Our first two loans to Torsion were to support them on PBSA developments and we are delighted to be working with them this time to develop new residential apartments in York.”
Ian Worthington, managing director, Torsion Homes, said: “We’re delighted to be working with Atelier again to bring forward this high-quality development in York city centre.
“Demand for new homes in the city remains strong, and this scheme will deliver much-needed, well-designed apartments in a location that’s well connected and full of character.
“As a group, this is our third loan with Atelier, and once again the team have demonstrated their deep understanding of the development process, moving quickly and collaboratively to get the deal over the line.”
