United Trust Bank (UTB) has provided £15.3m for the completion of a £24m GDV BTR development by Oblix Living.
The circa 64% LTV facility was agreed over 21 months with refinancing after completion as the exit.
Previously known as ‘Saxon House’, the 89,000 sq ft six-storey building — formerly occupied by HMRC — will be converted over 15 months into 100 apartments named ‘The Saxons’.
Once developed, the one- and two-bedroom apartments will be accompanied by a gym, resident lounge, workspace and 28 residential parking spaces.
UTB previously provided Oblix Living with £11m for a £17.2m 95 apartment development in Sheffield city centre, which has since been completed.
Rishi Passi, CEO of Oblix Living (pictured above), commented: “We’re pleased to be working with UTB again to deliver another BTR development to meet the growing demand for professionally managed buildings throughout the UK.”
Hardeep Thandi, director of property development at UTB, said: “The BTR sector is booming and we are delighted to be supporting another exciting scheme by Oblix Living, which will bring much needed rental accommodation to one of the UK’s fastest growing cities
