United Trust Bank (UTB) has agreed to refinance a £34m development of 53 luxury apartments being undertaken by housebuilder, Acorn Property Group.
Completion of the development is due to take place by January 2021 and UTB is providing a £22m development loan to settle the original funding, as well as the £4m required to complete the largely internal construction works remaining.
With construction underway of the Falmouth development, The Liner, Acorn has already secured reservations on 30 of the apartments and have pre-let the ground floor commercial space to a grocery retailer. The apartments range in price from £325,000 for a one-bedroom apartment to £1.6m for a three-bedroom duplex penthouse apartment.
UTB indicated it has a longstanding relationship with Acorn having funded several of its previous developments, including other projects in Cornwall and Wales.
Acorn group managing director and funding director, Melanie Omirou, commented: “We enjoy working with Jonathan and United Trust Bank and value the strong relationship we’ve established over the years.
“UTB understands property and our needs as borrowers and when we were looking to refinance the development, Jonathan was the first person I called. Despite the additional challenges and uncertainty presented by the COVID-19 restrictions, UTB came back to us with a quick decision and swiftly arranged to settle the existing finance and pay out what we needed to complete the scheme.”
UTB director – property development, Jonathan Nail, added: “Acorn has established an unrivalled reputation for delivering exceptional homes in the most outstanding coastal locations. Having financed several of its successful developments over recent years we were very happy to step in when they decided to refinance The Liner and are delighted that UTB will be on board for the completion of this prestigious development.”
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