The 12-month facility will allow the borrower to purchase a third adjacent property which will form part of the hotel development plan.
The overall project — which already received planning permission — will redevelop three dilapidated mixed-use retail/office buildings on Princes Street into a 347-bed hotel with views over Edinburgh Castle.
- B&C Awards 2023: The Video
- 'The mathematics have changed' in commercial real estate
- Roma secures £120m funding line with Cambridge Building Society
In accordance with Blackfinch Property’s commitment to sustainability and ESG criteria, the hotel’s development target is to be net zero carbon, constructed using sustainable materials and building practices.
The borrower has an agreement for lease already signed with an international hotel operator.
Nicola Mayes, investment manager at Blackfinch Property, said: “We are pleased to be funding this exciting project which will bring several vacant buildings back into use.
“We are also pleased to have been able to forge a new relationship with this borrower, and being able to contribute towards this project which has helped to develop and broaden our in-house legal expertise and boost our presence in Scotland.”
Leave a comment