PMJ Capital has provided a £2.88m property development finance facility to North West developer Abihomes, supporting the conversion of vacant office space into 24 modern apartments in Salford.
Located on Isher Business Park off Eccles New Road, the scheme will deliver:
16 one-bedroom apartments
5 two-bedroom apartments
3 three-bedroom apartments
This development will provide high-quality rental accommodation in Salford, meeting the strong demand from tenants looking for modern city living.
PMJ Capital stepped in mid-project, working with introducers Cowgills, to refinance borrowings from another lender and provide the additional funding required to complete the scheme.
David Rainford, Managing Director at PMJ Capital, said:
“As a lender, we are always looking to support well-located schemes that bring underused buildings back into use. This Abihomes project is a great example – delivering much-needed homes in Salford’s thriving rental market.”
Gbenga Ogunbadejo of Abihomes added:
“We are delighted to have PMJ Capital’s backing. They moved quickly to put the right funding in place and supported us throughout the process. This finance has enabled us to deliver new apartments in Salford, and we look forward to working with PMJ on future developments.”
The PMJ team included David Rainford, Fiona Connor and Siobhan O’Donnell, with advice from Fieldfisher (solicitors), Savills (valuer) and Watts (QS). Work is already underway, with completion expected later this year.
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