Matrix has refinanced the £120m development of a former Royal Navy site in Plymouth known as Mount Wise through the purchase of an existing loan at a discount.
The privately-owned financial services business said it will now provide further finance to the developer, Mount Wise (Guernsey), so that first phase construction works can begin.
Mount Wise is a 28 acre, waterfront site, half a mile from Plymouth city centre. It has planning permission for 469 homes, a 21 bed hotel, 32,000 sq ft of office space, a cricket pavilion and a 50,000 sq ft data storage centre.
Mount Wise (Guernsey) was advised by Robin Lawson & Company and Real Estate Finance Partners. Pinsent Masons acted for Matrix and Clarke Willmott for Mount Wise.
nathan.cross@estatesgazette.com
