Reditum Capital has arranged a £10m bridging facility with The High Street Group for the development of a prime residential project in the centre of Newcastle.
The facility, completed in two weeks, enables The High Street Group to acquire the Strawberry Place site next to St James’ Park stadium. Strawberry Place has planning consent for two residential blocks of 328 units, 120,000 sq ft 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.”