Darlington Housing Project Secures £6m Funding.
The final step is now in place for a £15.8 million development of 61 homes at Middleton St George. Maven Capital Partners, a leading UK property and private equity manager has raised £6.26 million to fund Oak Meadows, a new-build family home development in conjunction with Calmont Homes expected to be completed by 2024.
The deal includes £1.76 million from Maven Investor Partners, and £4.5 million from PBLT, a trust managed by Newcastle specialists Tier One Capital.
Brendan O’Grady, Fund Manager at PBLT added: “There is a real vibrancy about the town following announcements of government departments moving to Darlington as part of the government’s levelling up ambitions alongside the well-documented investment being made into Teesside Airport, which is generating great interest and attracting people to the area who will be looking for high-quality modern homes.”
Maven Capital Partners has secured £6.26m of funding for its new Oak Meadows development, which will create 61 homes in partnership with Calmont Homes.
Bdaily are reporting that the funding comes through a £1.76m equity fundraise from Maven Investor Partners, as well as a £4.5m debt facility from TOC Property Backed Lending Trust, managed by Tier One Capital.
The project will be based in Middleton St George in Darlington, with a total estimated development cost of £15.8m.
Paul Johnston, a partner at Maven, commented: “We are delighted to partner with both Calmont and Tier One again, having worked successfully with each of them on previous projects.
“This is a unique development in Middleton St George which I’m sure will be well received by home purchasers and we look forward to seeing the development progress.”
Ben Hall, director at Calmont, said: “Thanks to this investment by PBLT, arranged by Tier One, we are able to bring high quality, bespoke family homes to this lovely tree-lined site.
“The properties will be marketed through the well-established local agent Nick Carver.”