Silbury Finance has provided a £67m (€78m) senior loan to fund a 341-home project being developed by UK real estate company MCR Property.
The Oaktree Capital Management-backed development lender said it has provided the 24-month facility to fund the development on Dallas Road in Bedford.
The scheme has secured planning to develop 297 one and two-bed flats for private sale, 28 townhouses and 16 shared ownership properties. The project is expected to complete in the third quarter of 2025.
The transaction is the third deal between Silbury and MCR Property.
Silbury, launched in January 2021, has so far provided £685m of development and investment finance for retirement living and build-to-sell schemes across England, with a gross development value of over £1bn.
Gavin Eustace, CEO of Silbury Finance, said: “Whilst other pockets of the market retrench, we continue to support the delivery of well-connected, affordably priced, mixed-tenure schemes that appeal to a diverse range of customers – in this case commuters, downsizers and families – in key regional markets.
“Looking through the near-term macroeconomic volatility, the UK faces an acute shortage of new homes for both sale and rent, and it will be dynamic, established developers like MCR who will be key to solving the current crisis.”
Aneel Mussarat, founder of MCR Property Group, said: “We remain committed to delivering high-quality, sustainable homes across the UK, alongside long-term trusted partners like Silbury, who have now supported us across three developments and truly understand both the challenges and opportunities of operating against the current backdrop.”
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