The 37-unit project will comprise around 65,000 sq ft of accommodation, offering a combination of apartments, townhouses and detached houses.
The development is scheduled to be completed by the end of 2021.
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CGI image of the Gosforth developmen
Kevin Davidson, managing director at Puma Property Finance, said: “We are delighted to have provided this residential development facility to a strong, local developer, despite being in the midst of a global pandemic and continued economic uncertainty.
“It underlines our commitment to continue to support experienced property professionals across the UK, and we look forward to closing further facilities over the coming weeks and months.”
Puma has recently successfully exited two loans.
The first was an £11.4m loan to fund commercial and residential units in London.
The second £9.5m loan was used for the development of a 71-bed care home in Greater Manchester, which was repaid ahead of schedule.
The lender closed more than £200m in loans during 2019.
Puma has also provided an £8m development exit loan for a care home scheme near Wolverhampton in the West Midlands, as well as a £12.5m loan for the modular development of a Hampton by Hilton hotel in Kent.