Maslow Capital has completed a £74 mln (€90 mln) development loan to fund a Build-to-Rent (BTR) project in Basildon town centre in the UK.
Introduced by real estate debt advisors Karis Capital, the scheme will be delivered by a joint venture between Orwell Real Estate and Housing Growth Partnership (HGP). It comprises 492 residential units, 1,218 m2 of shared residential amenities, and 1,651.7 m2 of commercial space.
Located near Basildon’s main train station, the development will comprise three interconnected mid-rise towers ranging from 12 to 17 storeys, connected via a ground-floor podium.
Offering a mix of one- and two-bedroom apartments, the scheme will provide extensive amenities. It will target an EPC rating of A or B and integrate renewable technologies such as Air Source Heat Pumps, LED lighting, and an ambient loop system for heating and hot water.
The project which had £12 mln of equity injected by HPG, has been forward-sold to Starlight Investments.
Craig Scott, managing director at Karis Capital commented: ‘Facilitating the capital for a landmark project like this exemplifies Karis Capital’s commitment to supporting high-impact developments brought forward by experienced sponsors and backed by a funding partner with a leading reputation.
‘We’re proud to support this transformative project, fully confident that it will address Basildon’s urgent housing needs while setting a strong precedent for future regeneration efforts.’
Emma Burke, head of origination at Maslow Capital, commented: ‘We are delighted to support this bold vision for Basildon’s regeneration, marking another milestone in Maslow Capital’s dedication to forward-thinking, sustainable developments. This is an exciting opportunity in a thriving Build-to-Rent market, and we are proud to collaborate with like-minded partners who share our vision for the UK and Europe’s housing supply.’
Neil Strelitz MRICS, co-founder of Orwell Real Estate, commented: ‘We look forward to delivering this landmark scheme, which sits at the heart of Basildon’s £600m regeneration.
‘By partnering closely with Maslow Capital and other key stakeholders, we have combined our extensive market knowledge and commitment to quality to bring this complex, multi-phase project to life—ultimately providing much-needed homes and lasting benefits for the local community.’
