Puma Property Finance has provided a €16.1m (£14m) development loan to fund a 37-unit residential scheme in Gosforth, a popular suburb of Newcastle upon Tyne. This attractive development will offer a combination of apartments, townhouses and detached houses, and will comprise around 65,000ft² of accommodation. The scheme is scheduled to complete at the end of 2021 and follows on from a number of developments we have funded in the North East. With little development land available in the sought-after Gosforth area, we anticipate keen demand for these properties once completed.
Kevin Davidson, Managing Director at Puma Property Finance, said: "We are delighted to have provided this residential development facility to a strong, local developer despite being in the midst of a global pandemic and continued economic uncertainty. It underlines our commitment to continue to support experienced property professionals across the UK, and we look forward to closing further facilities over the coming weeks and months."