PMJ Capital has provided a £1,650,000 refurbishment loan for Chorley based developer GK Developments and Holdings. The loan was provided to convert former offices on Trinity Street in the centre of Wrexham to 24 apartments.
The funding package comprises of a refurbishment loan over a 12-month term at circa 90% of cost and 60% of GDV (plus finance cost) with the completed development valued at £2.8million.
The 1960’s property will be converted into 24 spacious one and two-bedroom apartments, due for completion later on this year.
Gareth Walsh from GK Developments commented:
“This is the first scheme we have worked on with Dave and the team at PMJ and we found the funding process incredibly smooth, with Dave offering much-needed guidance throughout.”
“The project will provide fantastic accommodation in the centre of Wrexham, which has recently been named as one of the new cities created for the Queens Platinum Jubilee and transform a dilapidated and dated building adding to the regeneration of the area”
David Rainford added: “GK Developments have a wealth of expertise in new build, refurbishment and restoration projects and we were delighted to be able to assist them with this project. The building is in need of a material facelift and we look forward to seeing the transformation over the coming months. Equally we hope this is the first of many projects with GK.”