Finance package to enable completion of luxury apartments complex

Marketplace lender, Assetz Capital, has provided a development facility of up to £3m to assist borrower Tate Estates to complete its site of apartments in Harrogate, Yorkshire.

The client had experienced trouble with the build due to the Covid-19 lockdowns and the construction material shortage, which initially disrupted the schedule of building work.

Thanks to the development funding, the site is now part-built, and the scheme is set to provide accommodation close to The Stray.

It will comprise 12 two-bedroom apartments. The remaining build programme will see the scheme brought to market in quarter two of 2022.

Ciaran McGivern, relationship director for Assetz based in the Northeast, was introduced to the client by Chris Silverwood of CorpFin, who acts as a retained advisor for Tate Estates.

McGivern said: “This is my first completion at Assetz, so I’m pleased to be helping a high-quality client in Tate Estates with their luxurious development in Harrogate.

“We hope to continue the excellent working relationship we have established, and that this is the first of many successful deals we can fund.”

Rhys Davies, group finance director, said: “It was fantastic to get this investment from Assetz on what will be the first in a series of platform development deals.

“We look forward to working with the team at Assetz on this development and going forward into the future.”