£6.4m refinance package agreed for multimillion-pound resi development

A £6.4m funding package has been secured by The Studios24 – the first company to deliver a major co-living development in the Midlands.

Cynergy Bank has agreed the refinance package for the London-based property company’s £12.5m residential development in Wolverhampton.

The Studios24 has transformed a dilapidated 12-storey office building into a co-living development. The project, at Birch Street, recently reached practical completion and can accommodate more than 200 residents.

Barry Glantz, managing director of The Studios24, said: “To have secured a £6.4m loan from Cynergy Bank, while the UK is experiencing very difficult economic circumstances, is a major vote of confidence in our co-living concept.

“We have been discussing the deal with Cynergy Bank over the course of the last six months and we have been able to strike a very good long-term deal. One of the many things that impressed them was the demographic at The Studios24. Of all our current residents, only 10 are students and they are post-graduates. The rest are working in sectors such as healthcare, construction, education, human resources, and technology.”

“We believe this could be the first of many projects they may support, and they are keen to provide funding for our next venture. I am now actively looking for potential development sites across the West Midlands.”

Simon Gunnell, relationship director at Cynergy Bank, said: “Cynergy Bank is delighted to support Barry and all at The Studios24 on this project. The concept is providing a viable solution for residents and it has created a superb co-living environment which has attracted residents from a wide and varied demographic.

“We look forward to supporting Barry and wish him every success as he looks to roll out this model across the Midlands”.

Barry Glantz, of The Studios24, at the co-living development in Wolverhampton.