In Aldgate, Silbury has provided WMG Aldgate Ltd with a 34-month, £23.8m development loan, at 63% LTGDV.
Silbury Finance, the development lender backed by Oaktree Capital Management, has provided two senior loans, totalling £43m, to fund residential schemes in Aldgate and Bath.
Both loans include a discount on the exit fee for the borrower if the schemes meet certain sustainability criteria.
In Aldgate, Silbury has provided WMG Aldgate Ltd with a 34 month, £23.8m development loan, at 63% loan-to-gross development value (LTGDV).
The facility will fund the construction of a 17-storey tower comprising 49 residential units and 2,850 sq ft of commercial space, which will be delivered by Unique Property Group.
The scheme will incorporate sustainable building design and is expected to complete in H1 2024.
In Bath, Silbury has provided a 30-month £19.3m loan for the development of 95 one, two and three-bedroom homes.
Gavin Eustace, founding partner at Silbury Finance, said: “Despite ongoing macro-economic uncertainty, the UK residential market enjoyed a stellar 2021, driven by a chronic demand supply imbalance, the favourable borrowing environment and the ongoing appeal of home ownership.
"In particular, schemes with strong ESG credentials in submarkets with good connectivity and which appeal to a diverse demographic will be the focus of our origination.
“Sponsor strength is a key criterion in our lending decisions, and both C-Group Developments and Unique Property Group are established developers with a proven track record.
"With significant funding capacity we continue to screen a wide range of opportunities, with a particular focus on larger developments, a part of the market remains underserved by debt providers.”
Sonny Gowans, managing director of Unique Property Group, added: “Silbury were fantastic to work with and we are glad to have partnered with them on this project.
"We required a bespoke facility reflecting the multi-phased nature of the scheme, which Gavin and the team were able to structure, reflecting their experience and deep sector knowledge.”
