Studios24 secures £6.4m funding deal for co-living development
The Studios24 has secured £6.4m in funding from specialist lender Cynergy Bank.
Cynergy has agreed the refinance package for the property company’s £12.5m residential development in Wolverhampton.
The co-living development at Birch Street recently reached practical completion and can accommodate more than 200 residents.
Barry Glantz, managing director of The Studios24, said: “To have secured a £6.4m loan from Cynergy Bank, while the UK is experiencing very difficult economic circumstances, is a major vote of confidence in our co-living concept.
“We have been discussing the deal with Cynergy Bank over the course of the last six months and we have been able to strike a very good long-term deal.
“One of the many things that impressed them was the demographic at The Studios24.
“Of all our current residents, only 10 are students and they are post-graduates.
“The rest are working in sectors such as healthcare, construction, education, human resources, and technology.”
He added: “James Herron and Simon Gunnell of Cynergy really believe in the project.
“They came to the development to see what we have created, and liked what they saw.
“We believe this could be the first of many projects they may support, and they are keen to provide funding for our next venture.
“I am now actively looking for potential development sites across the West Midlands.”
Simon Gunnell, relationship director at Cynergy Bank, said: “Cynergy Bank is delighted to support Barry and all at The Studios24 on this project.
“The concept is providing a viable solution for residents and it has created a superb co-living environment which has attracted residents from a wide and varied demographic.
“We pride ourselves on working with our clients to understand their business needs and aspirations.
“The Cynergy Bank model uses local, skilled relationship managers that understand the markets where we operate, who can quickly learn our client’s needs and deliver certainty as speed.
“We look forward to supporting Barry and wish him every success as he looks to roll out this model across the Midlands”.