Funding secured for Sheffield office-to-resi conversion
The 70,000 sq ft Synergy Building in the city centre had permission granted for the pivot last year, and now Hampshire Trust Bank has provided a £12m development finance facility for the project.
DBG Synergy House’s plans include turning the office building into 108 apartments with space for parking and cycle storage.
The deal on the eight-storey building was brokered by Societas Capital, with the facility structured at 65% loan to gross development value.
CapitalStackers provided mezzanine funding and Eddisons acted as valuer.
The wider team included Watts as monitoring surveyor and Glovers as legal counsel.
Russell Higgins, lending manager at HTB, said: “This transaction highlights the strength of the market for well-located city centre developments and the role specialist lenders play in supporting ambitious schemes.
“The project is already progressing at pace, with strip-out works well underway and strong pre-sales reflecting market demand.
“Structuring the right financial solution within a tight timeframe was key, and it’s great to see this development taking shape. We look forward to supporting similar projects that contribute to the regeneration of regional city centres.”
