A £29 million funding deal has been agreed to support the development of a major new apartment scheme in Birmingham.
Property finance firm Leumi º£½ÇÊÓƵ has provided a loan to developer Commercial Estates Group to support its project in Smallbrook Queensway.
The group won consent a year ago to and replace it with three towers, of 44, 48 and 56 storeys respectively, containing 1,635 apartments to rent, roof terraces and commercial space.
The six-storey former office building, which has been vacant and unused for more than a decade, was designed by James A Roberts, the same man behind the city's famous Rotunda tower.
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This new funding, the second between the two companies, will refinance the scheme and support the initial phases of work at the site.
CEG's finance director Gordon Grech said: "We appreciate Leumi º£½ÇÊÓƵ's continued support throughout our second transaction together, as well as their ability to move swiftly on what was a complex deal.
"This is a transformational project for Birmingham and we are excited to take it to the next stage as we move towards delivery."
Chris Stallard, relationship director at Leumi º£½ÇÊÓƵ, added: "We're thrilled to work with CEG again, a highly respected organisation with a long history of delivering high performing schemes across a broad range of sectors.
"This development is ideally located in central Birmingham and will play an important role in providing meaningful supplies of new homes that the city urgently needs. We look forward to supporting future projects with CEG."
