£750k refurbishment loan for Preston residential site now valued at £1.25m
Blackburn-based PMJ Capital has provided a £750,000 refurbishment loan for Cheadle developer Friday Club Developments.
The loan was provided to refinance and convert former offices on Cannon Street in Preston city centre to apartments.
The funding package comprised a refurbishment loan over a 12-month term at around 80% loan to cost, with the completed development valued at £1.25m.
The Victorian property has been converted and extended into seven individually designed spacious one- and two-bedroom apartments. Lettings are now well under way.
Tony Houlihan, from Friday Club Developments, said: “Preston is a city on the up, with new and improved retail and leisure facilities and huge investment planned for the city – we saw this as a fantastic opportunity for a new and exclusive apartment scheme in the heart of the city.”
PMJ’s David Rainford said: “This is a fantastic scheme to be able to support Tony and the team at Friday Club Developments on. They are an ambitious developer and we have been impressed with the high standard of finish for this new scheme.”
He added: “We have built a great working relationship over a relatively short period of time. Since supporting Friday Club Developments with this scheme in Preston we have assisted with the purchase of another site in Oldham and have also agreed terms on a third development.”