GDV: £16 million
Loan size: £12 million
Loan term: 24 months
Castle Trust worked with Devcor to provide a facility for the refinancing of the development site, the demolition of a vacant 40 bedroom council care home facility and the subsequent construction of a seven storey 76 unit apartment building.
As the client was an established developer with a proven track record in construction and property development with a very well thought out development, Castle Trust was able to provide the senior debt, apply a pragmatic approach and assist in propelling this project forward.
The build continues to progress very well, with locals eager to welcome the completion of the residential units, as featured in the Plymouth Herald. The sales office is due to open later this month, marking the next phase of the project.
"Castle Trust throughout have been proactive in providing a suitable funding solution for our project due to their thorough understanding of the development process."
Tim Burke, Director, Devcor