Urban Exposure is providing senior debt financing to assist with the development of the former Shredded Wheat factory in Welwyn Garden City, southern England.
Last year, Urban Exposure financed the original purchase of the entire site from supermarket group Tesco.
The development finance provider said Tesco was granted planning across the entire site for 850 dwellings, potentially including up to 80 care home or assisted living units, various retail, commercial, office and leisure uses together with ancillary amenity space.
Mike McMahon, a partner at Urban Exposure, said; “We are thrilled to be financing this exciting development in one of the UK’s leading garden cities.”
No financial details were disclosed.
“After a strong end to 2017, we have entered the New Year with good momentum and a well-stocked pipeline of further projects that we want to finance,” McMahon said.
McMahon added that despite the headwinds from Brexit-related uncertainty, there are plenty of encouraging signs for the UK housing market at the start of the year, particularly in high growth regions the company is targeting.
“We look forward to continuing to support further high quality developments across the UK and updating with further project funding news very soon,” McMahon said.
