UK developer Dorchester Living has secured a £99.6m (€116.5m) loan from Cheyne Capital to refinance existing debt and to finance its Heyford Park regeneration scheme in Oxfordshire.

The senior loan from Cheyne will support the commercial and residential regeneration of the former US and Royal Air Force airbase site, which Dorchester Living has managed since 2009 and has already seen the completion of 1,200 homes, as well as community and commercial spaces.

Theo Hajoglou at Cheyne Real Estate said: “We are proud to be part of Dorchester Living’s transformative regeneration scheme at Heyford Park, which is already making a meaningful impact on the local community.

“The team has a proven track record of delivering high-quality, sustainable communities and it’s already clear that Heyford Park is an environment where people want to live, work and thrive.”

Paul Silver, CEO of Dorchester Living, said: “This is a major step for Heyford Park and a reflection of the long-term commitment we’ve made to the regeneration of this historic site. The new funding allows us to accelerate our investment in the infrastructure that supports a truly integrated community – one where homes, schools, employment and green space are delivered hand in hand.

“Sustainability is central to our approach and our focus is on creating a well-connected, future-ready development that delivers long-term value for residents, the environment and the wider Oxfordshire area.”

Scott Douglas, senior director and head of debt advisory at Centrus, said: “We are delighted to have advised the team at Dorchester Living on the refinancing of Heyford Park with Cheyne. The refinancing will facilitate the next phase of development at one of the most exciting regeneration projects in the UK, including the build out of critical infrastructure as the Dorchester Living team continue to deliver their masterplan including an additional 6,000-8,000 new homes. 

“Cheyne is the perfect financier for Heyford Park and has adopted a flexible and holistic approach to structure a debt solution that aligns with the business plan and vision for the site over the medium to long term.” 

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