In a significant move to rejuvenate Croydon’s cultural heritage, REIM Capital has announced a £7.56m bridging loan to support the redevelopment of the former Croydon School of Art. Located in the heart of Croydon town centre, the iconic building has remained vacant since 2012. However, with the new funding, the site is poised to be transformed into 93 modern residential flats.

Stonegate Homes, a Northern Ireland-registered company known for its expertise in redeveloping similar sites, is at the helm of this ambitious project. The company plans to utilise the loan to finalise its development strategies or potentially explore a sale as an exit strategy.

This funding milestone is not just a win for Stonegate Homes but also a significant achievement for REIM Capital. The deal was finalised in a mere four weeks from the initial enquiry. Moreover, this announcement coincides with REIM Capital celebrating over £100m in loan redemptions since its inception in 2019.

Kunal Vaitha, co-founder and principal of REIM Capital, expressed his enthusiasm about the project, stating, “We are thrilled to support the borrower with the refinance, bringing the building one step closer to being back in use. We eagerly anticipate the site’s development and are keen to support the borrower in their future endeavours.”

Jerry Hinds, a property developer at Stonegate Homes, also shared his gratitude, noting the challenges of the current funding market. He said, “We appreciate REIM Capital’s continued support in assisting us to refinance the Former Croydon School of Art. We look forward to collaborating with them on future funding needs.”

With such collaborative efforts between financiers and developers, the future of Croydon’s architectural landmarks looks promising, blending history with modern living.