The scheme, which is built by charity Abbeyfield, Braintree, Bocking & Felsted Society, will see the development of 99 retirement living flats, comprising 37 affordable-rented units and 62 units for sale with options for shared ownership.
The development will also feature a central community hub and a number of communal facilities including a bistro/dining area, gym, library, hair & beauty facilities, IT suite and gardens.
Onsite support and care provisions will also be in place.
The £18.2m funding from United Trust Bank is in addition to grants from Essex County Council, Homes England and Abbeyfield, Braintree, Bocking & Felsted Society.
“Many lenders can dismiss a transaction that does not fit a box, but it was clear to me that Paul Flannery and United Trust Bank should be the first port of call for a deal of this nature. The time and effort taken by Paul and his team to truly understand the transaction, and Abbeyfield’s business, was first class and I can safely say it was an amazing team effort which has resulted in a great deal for Abbeyfield and UTB,” Vincent Spano of PIA Financial Group, who brokered the deal, said.
“United Trust Bank is delighted to support the creation of what will be an outstanding senior living complex from a highly respected specialist developer and owner operator,” Paul Flannery, director property development at United Trust Bank added.
“It has been a pleasure to once again work with Vincent at PIA Financial Group who has brought together a complex funding solution involving several parties which meets the requirements of his clients as well as UTB as the senior debt provider. We are excited to see the project getting underway and look forward to watching it progress over the next two years.”
Source: Residential - propertyweek.com
