Octopus Real Estate has provided a loan of more than £22m for a residential scheme on the site of the former Derbyshire Royal Infirmary.
The funding will help Birmingham-based developer Wavensmere Homes expand its Nightingale Quarter scheme, which has already seen the delivery of 474 new homes.
The new loan, which has a 36-month term, will finance the development of further five blocks comprising 341 one- and two-bedroom flats.
Andy Scott, head of residential development at Octopus, said: “At Octopus we have been seeking opportunities that support regional development in line with the government’s levelling-up agenda.”
Matt Brighton, commercial director at Wavensmere, added: “Derby sits at the heart of the country and is a core hub of the wider Midlands economy. With several large employers in the local area such as Rolls-Royce, Bombardier and the NHS, we are certain Nightingale Quarter will provide much-needed accommodation as Derby’s economy continues to flourish.”
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