Planning consent was recently achieved to convert the 170,000 sq ft office building to a 250-apartment scheme over 24 floors.
The 12-month loan, structured at 70% LTC, enabled the borrower to acquire the building and will allow them to progress through their Gateway submission.
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Jonathan Hitter, CIO at Blue Shield Capital, said: “This transaction highlights Blue Shield Capital’s continued commitment to delivering fast, flexible and bespoke funding solutions, especially on complex buildings.
“Our borrower needed a loan that could be delivered quickly and with minimum fuss and we were able to come through in a timely manner.”
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