Pallas Capital has provided a £3.541 million development finance facility to support the restoration and conversion of The Corn Exchange in Ringwood.
The 18-month facility has been agreed with Halo Developments and will support the delivery of 12 residential units, together with ground-floor and basement commercial space.
The building, formerly home to the Regal Cinema and Route 42 nightclub, has stood vacant since 2002 and occupies a prominent position in the town’s Market Place.
The project is expected to form part of wider regeneration in Ringwood and is timed to align with the town’s forthcoming 800th market charter celebrations.
The facility, structured at 70% LTV/GDV, will refinance the historic site and fund the start of construction.
Pallas said the transaction required a tailored underwriting approach because of the complexity of the site, including the consolidation of multiple titles into a single entity.
The deal was managed for Pallas Capital by Mark Witherington, senior originator, and Nicoleta-Smaranda Iorgu, underwriter. It was introduced by Richard Norton at R&E Finance, who worked with Pallas and the developer to progress the case.
Pallas said regular multi-party calls were held to align legal and technical workstreams, allowing the project to clear its final hurdles and enabling works to start with the support of the local community and the town mayor.
Iorgu says: “The Corn Exchange is such an iconic piece of Ringwood’s history, so it was rewarding to help clear the technical hurdles to get the build started.
“Consolidating the titles was a real puzzle, but staying in close contact with the team at Halo Developments and the broker meant we could move through the complexities quickly. We are proud to play a part in bringing a landmark like the old Regal Cinema back to life for the town.”
Eddie Hill, managing director at Halo Developments, adds: “It was great to find a funding partner as enthusiastic and responsive as the team at Pallas. Their process was efficient and transparent from the start, providing the kind of clarity you need when managing a sensitive restoration like The Corn Exchange.
“We are delighted to have them in our corner as we move forward with the build and bring this landmark back to life for the community.”
