Property investment firm Conygar has restructured its development loan with Barclays Bank, extending the repayment deadline from March to December 2025. The revised agreement lowers the loan facility from £47.5 million to £46.6 million and reduces the interest margin from 3.25% to 2%, offset by a £500,000 exit fee.
The extension aims to support further lettings and stabilisation of Winfield Court, the student accommodation project within Nottingham’s Island Quarter development, which serves as security for the loan. As of December, Winfield Court was 54% occupied, generating £1.5 million in net income before financing costs.
The restructuring provides Conygar additional time to improve occupancy levels ahead of the 2025-2026 academic year.
