Reditum Capital has arranged a €11.2m (£10m) bridging facility with The High Street Group for the development of a prime residential project in the centre of Newcastle.
The finance facility, completed within a tight timeframe of two weeks, enabled The High Street Group to move forward with the acquisition of the Strawberry Place site next to Newcastle United’s St James’ Park stadium. Strawberry Place has planning consent for two residential blocks of 328 units, 12,000m² of office space and a 200-bed hotel.
Mark Stephen, founder and managing director of Reditum Capital, said: “The deal represents positive news for a credit market temporarily set back by Covid-19 uncertainty. We are one of the few financiers still well-capitalised and prepared to provide short-term financing for high-quality developments. The land at Strawberry Place holds great promise for future investment as the most prominent undeveloped parcel of land in the stadium district.”
