Silbury Finance, the Oaktree Capital Management-backed development lender, has provided a £67 mln (€78 mln) senior loan to MCR Property Group, a residential developer.
It has revealed a 24-month facility will fund the development of 341 homes, a mix of for sale and rent, in the sought-after commuter town of Bedford UK and expected to complete in Q3 2025. It represents the third deal between the two parties.
Since launching in January 2021, Silbury has now provided £685 mln of development and investment finance for retirement living and build to sell schemes across England, with a gross development value of over £1 bn.
Gavin Eustace, CEO of Silbury Finance, said while other pockets of the market retrenched, its platform continued to support the delivery of well connected, affordably priced, mixed tenure schemes that appealed to a diverse range of customers. In this case, the customers are commuters, downsizers and families in key regional markets.
He added the UK still faced an acute shortage of new homes for both sale and rent.
‘Whilst funding over £1 billon of UK residential real estate in just over two years is a significant milestone for Silbury, we have much greater ambitions,’ said Eustace. ‘The living sector’s long-term structural drivers remain compelling, which, coupled with our deep through the cycle expertise, funding certainty and strong deal pipeline, provides an ideal platform for growth.’
