Brentwood & Chelmsford, Essex
Senior debt facility to fund the refinancing of an existing loan and the acquisition and development of two additional sites. The transaction encompasses two facilities. The first is required to refinance an existing loan and is secured on two properties: a completed residential development in Horley, Surrey comprising 42 units (of which a proportion are yet to be sold) and a development site in Brentwood, Essex with planning permission for 21 residential units (although it is intended to enhance this planning permission to 30 units). The second facility, which is dependent on a required level of sales being achieved at the Horley development, is for the acquisition and redevelopment of a golf club and course in Chelmsford, Essex into 84 residential units – a mix of apartments, semi-detached and detached homes.
The developer, Marden Homes, was established in 1989 and is highly experienced in residential projects. It has been building bespoke residential properties throughout the south east and London for almost 30 years. Its properties range from executive apartments to detached family homes.