Atelier has completed an £8.1m development finance loan to support the ground-up delivery of 13 apartments in Poole, Dorset.
Structured at 70% LTV over a 25-month term, the facility refinances existing debt and funds construction of a scheme comprising two penthouses and 11 two and three-bedroom apartments, with associated parking and landscaping.
"We're pleased to be supporting a new borrower, an experienced local developer, on this scheme in a highly sought-after Poole location," said Luke Eadie, lending manager at Atelier.
"The project is well aligned with local demand, and we were able to structure a facility that supports both the refinance and delivery of the development."
The deal marks Atelier's latest development finance transaction in the south of England, backing a locally experienced developer on a scheme the lender says reflects strong underlying demand in the area.
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