The loan was to an experienced property developer, who has completed several residential and student accommodation projects, to finance the conversion of a part vacant office building into student accommodation. Upon completion, the units will be let and repayment of the loan will be from the sale of the student accommodation investment.
The property is situated in the heart of Northampton and close by to the University. It is in three parts. The first section, the vacant offices, is to be converted to 92 student units and the remainder, the tenanted office building and retail unit, is to be held as an investment and for redevelopment in the future.