Conygar has secured a new debt facility agreement to power forward Nottingham’s Island Quarter.
The loan with A.S.K. Partners Limited (ASK), for a maximum of £12 million, will be utilised to further progress certain plots at The Island Quarter site, in addition to the planning application for the company’s potential acquisition site in Bristol.
The term of the loan is for a minimum of two years. The interest rate is calculated by reference to the Bank of England base rate plus a margin of 5.9% and is secured on part of The Island Quarter site in Nottingham.
Robert Ware, Chief Executive of the company, said: “We are delighted to have secured the facility with ASK which now enables the further progression of both our substantial mixed-use projects at Nottingham and Bristol.”