Blackfinch Property has completed a £5.6m bridging loan for the development of a new hotel in the heart of Edinburgh.
The 347-bed hotel project, which has planning permission, will redevelop three dilapidated mixed-use retail/office buildings on Princes Street, with views over Edinburgh castle, and will facilitate the purchase of a third adjacent property which will form part of the hotel development plan.
Nicola Mayes, Investment Manager at Blackfinch Property, said: “We are pleased to be funding this exciting project which will bring several vacant buildings back into use. The borrower’s plans for this project closely align with our own ESG principles of developing energy efficient property and improving the quality of existing buildings. We are also pleased to have been able to forge a new relationship with this borrower, and being able to contribute towards this project which has helped to develop and broaden our in-house legal expertise, and boost our presence in Scotland.”
Picture: Visualisation of the planned development