UK: Edmond de Rothschild REIM has secured a £13.7 million loan from Secure Trust Bank (STB) for a BTR scheme in Edinburgh.
The funds will be used to regenerate the Stead’s Place site, creating 110 apartments. Located near the foot of Leith Walk, the development will feature one-, two- and three-bedroom apartments, and is scheduled to be completed by Q1 2025.
The 2.9-acre site was formerly an industrial and office property. The redevelopment is being undertaken by Drum Property Group.
This deal is the fourth collaboration between STB and Edmond de Rothschild REIM following other developments in Glasgow, Nottingham and Leicester.
Matthew-Blaine Young, head of origination at STB, said: “We are pleased to once again work with Edmond de Rothschild REIM and support the redevelopment of Stead’s Place. As specialists in residential development finance, we knew we could go above and beyond what other banks are able to offer, and we are thrilled to see this project come together and watch the local community thrive through the new development.”
James Whidbourne, head of residential fund management (UK) at Edmond de Rothschild REIM added: “STB’s solution driven approach has been refreshing, and the success of Stead’s Place and our previous collaborations are testament to that.”
