Octopus Property has agreed to provide an 18-month, senior debt facility of more than £20m to Ktesius Projects for the development of 70 flats in Brighton.
The development on the former Brighton Astoria Cinema has a gross development value of more than £35m.
Emma Burke, head of development origination at Octopus Property, said: “This significant loan, provided to an experienced residential developer, fits perfectly with our strategy of quickly taking on complex situations and providing attractively priced products.
“While political and economic uncertainty affects the wider real estate market, debt financing remains relatively cheap.”
Arc & Co acted as broker.
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