Developer Starship Group has secured a a £2.5m loan that will see it demolish a former GP surgery in Merseyside and replace it with nine luxury apartments. Tony McDonough reports
Developer Starship Group has secured a a £2.5m loan to help finance a new Merseyside residential development.
Starship plans to demolish a former GP survey in Heswall in Wirral and construct a new building comprising nine “luxury” apartments. It has secured the development loan from specialist Wallasey-based property lender, BFS.
This is the fifth development facility for Starship from BFS. A spokesperson for the developer, said: “We have built a solid working relationship with BFS over many years. We regard them as our partner and an extension of the wider team. We collaborate with them at the very beginning and value their insight and input.
“They offer sound advice and present viable solutions to the most complex of financial challenges. This is a great scheme and we now have all the foundations in place to get things moving in terms of construction in the weeks ahead.”
Steve Barber, managing director of BFS, which has been financing property schemes for a number of years, adde “We have completed a number of deals with this client in the past and have huge confidence in their knowledge, understanding and capabilities.
“We were able to take an independent view on their borrowing request and have agreed to finance the entire deal. The site is in a great location, very close to the town centre and the apartments are designed to a particularly high specification offering strong returns on investment.
“We look forward to working closely with the client throughout the construction phase through to Spring when the homes are scheduled for completion.”