Developers secure loans for Edinburgh residential developments

Around 350 flats are to be delivered across two sites in Edinburgh after developers secured more than £40 million in loans.Artisan Real Estate Investors has received £21m in development debt from Bank of Scotland to support its Canonmills Gardens project on the site of a former B&Q store on Warriston Road.Meanwhile Octopus Property has agreed to provide MCR Property Group with a £20m development loan, to convert a former office building into 163 apartments.Artisan’s Canonmills Gardens project will deliver 180 apartments, including 45 units of affordable housing acquired by Hillcrest Housing Association.Construction of the scheme has commenced with the first units expected to be available from March 2020.Canonmills GardensA mezzanine facility of £2.6m has also been provided by investor Beaufort Ventures, already an equity investor in the development, to provide Artisan with a more diversified funding mix.Chesser HouseMCR Property Group has secured planning consent to convert Chesser House in Gorgie Road. It will be known as Elfin Square and will have 123 one, two and three-bed private apartments for sale, as well as 40 affordable homes.The private apartments have been renamed Embankment West, and will be sold by MCR Property Group’s residential sales arm, Regency Residential.