The finance was arranged by Mike Feasey, relationship director at STB, and brokered by Kevin Stedmann, managing director of Garnet Finance.

The 65% LTV funding was based on the market value subject to tenancies.

The lender has recently cut its rates and revised risk pricing at higher LTVs.

The 63-unit block was valued at £8.75m and formed part of a broader refinancing strategy.

The scheme includes the refurbishment of three Grade II listed buildings.

The facility was structured with a loan-to-value (LTV) of 67.5% and a margin of 4.25%.

Development is expected to be completed over two years on a brownfield site.

The deal was completed at 75% loan-to-value with a 0.39% initial rate.

Completion of the first phase is targeted for Q3 2026.

So far this year, HREF has backed property developments across 10+ UK and Ireland locations.