The banking team from Burges Salmon has advised Torbay Council on a mezzanine financing agreement, which will expedite the implementation of a new £32 million mixed-use development in Devon.
The development, based in Torbay, comprises a range of commercial property sites including a new hotel, premises for a law firm, and food and drinks units. The work on the scheme will start in September 2018, by THAT Group’s appointed contractor Tolent Construction. THAT Group is a development group backed by Ray Kelvin and this the second hotel development for the group.
The Burges Salmon team, led by banking partner Rachael Ruane, advised Torbay Council on the Council’s financing arrangements.
Rachael comments: "We are pleased to have advised Torbay Council on this financing agreement, which means that the scheme is now funded and is able to move forward. We recognise the significance of this project in the region from a development and investment perspective, so it has been great to be involved and help get this funding in place."