Maslow Capital has provided a £16m loan to Acorn Property Group to support the redevelopment of the former Hotel California in Pentire, Newquay.
The site will be turned into 18 two-bedroom apartments, two penthouses and four semi-detached houses.
The homes will have views over Crantock Bay, the River Gannel estuary and the local countryside.
The scheme, called Gannel Waterside, is set to deliver 24 new homes in a sought-after part of Cornwall.
The location offers access to nearby towns and beaches.
The funding was structured by Maslow Capital’s development finance team, led by Emma Burke, managing director (UK & Europe), with associate Alexandra Gibney.
Daniel O’Neil, executive director, commercial finance at SPF, introduced the deal.
Burke said: “Acorn’s vision will breathe new life into a disused landmark, delivering much-needed homes in one of Cornwall’s most desirable coastal locations.
“We are pleased to have structured a bespoke financing solution that supports Acorn’s ambition, reaffirming Maslow Capital’s commitment to high-quality schemes in under-supplied markets.”
Melanie Omirou, executive group managing director at Acorn Property Group, said: “We are proud to be transforming this former hotel site and delivering 24 exceptional new homes in such a prime location overlooking the River Gannel.
“Maslow’s collaborative, solutions-led approach gives us the confidence to bring these high-quality homes at Gannel Waterside to life.”
O’Neil said: “When we set out to secure a funding partner who could grasp the complexities of coastal redevelopment and flexibly structure finance for a premium, design-led scheme, Maslow Capital proved the natural choice.
“Their broad product range, dependable track record in both bridging and development finance, and collaborative approach have ensured the facility aligns precisely with the project’s ambitions.”
