Evergreen loan for Muse in Chester
The North West Evergreen Fund has provided Muse Developments with a £4.8m loan to part-fund its 70,000 sq ft first office building of the City Place scheme in Chester.
Muse has also secured a further £1.4m grant from the European Regional Development Fund for the development. The total project cost is £16m.
Muse Developments was granted planning permission for the first phase of City Place in March 2013. This will provide a six-storey block on land next to Chester railway station.
The development will start on site in June, and is expected to complete in autumn 2015.
Phil Mayall, development director for Muse Developments, said: "We are very pleased to have received this funding towards the first phase of City Place, which we are confident will be the most significant new commercial office-led development that Chester city centre has seen to date."
The Evergreen Fund is made up of 16 local authority limited partners and was established to provide funding to support real estate projects which are critical to the region's economy, generating jobs and growth. The fund is capitalised through the ERDF and other public money allocated under the Joint European Support for Sustainable Investment in City Areas initiative.
The Evergreen loan was structured by CBRE's investment advisory team.
