Lloyds Bank Commercial Banking has joined forces with the UK government’s Homes and Communities Agency to finance 121 new residential units and associated infrastructure at a scheme in east London.
The £32 million financing has been provided to a joint venture between the Poplar HARCA housing association and Willmott Residential, the residential company founded by Willmott Dixon in May 2016 which is led by former Berkeley Group main board director Nic Simpkin.
The three-year loan finances the third of six planned phases of Aberfeldy Village, which will comprise 1,176 homes in total.
It is understood that Lloyds provided 65 percent of the financing, with the remainder, focussed on infrastructure development, provided by the HCA. The funding agreement will develop new facilities including a health centre, community centre, retail units, a park and an energy centre.
Lloyds has been providing finance to the scheme since 2013, with £41 million provided to deliver 324 homes at the site.
“Aberfeldy Village has transformed this estate, and we’re proud to continue playing an important role in its story. Working with the HCA, we have enabled the joint venture to create new housing and infrastructure in tandem,” said Sam Shah, director, developers, Lloyds Bank Commercial Real Estate.
“Working alongside Lloyds Bank to fund the infrastructure required to deliver homes on this regeneration project will make a real impact in increasing house building,” added Nick Walkley, chief executive at the HCA.