Housing association secures funding deal that allows it to push ahead with development
Housing association Grand Union Housing Group has agreed a £237m finance deal that will enable it to push ahead with plans to build 1,900 new homes.
The 12,000-home association, which operates across Bedforshire, Buckinghamshire, Northamptonshire and Hertfordshire from its Milton Keynes base, has plans to build the homes over the next five years.
The funding deal has seen it secure a new £30m revolving credit facility with Barclays, and restructure £207m of existing loans with other banks. Savills Financial Consultants advised on the deal.
Grand Union’s development plans include proposals for the 93-home Sorrel Gardens scheme in Biggleswade (pictured), in Central Bedfordshire, for a mix of social rent and affordable home ownership.
Dave Lakin, director of development and new business at Grand Union, said it was “great that the funding deals have enabled us to start work on these much-needed extra care homes.”
He said: “This scheme is one part of an ambitious build programme we have for the next five years, so I am delighted we can continue to do our bit to end the housing crisis in this country.”