UTB provides funding for Essex development
United Trust Bank (UTB) has provided £18.2m funding for an ‘extra care village’ development (pictured) near Braintree in Essex.
The project is being completed by Abbeyfield, Braintree, Bocking & Felsted Society which is a charity focussed on providing housing for older people around Braintree.
Their mission is to enhance the quality of life for older people through high quality accommodation in a stimulating environment to maintain a socially active life.
The development of 99 independent living apartments comprises of 37 affordable rented and 62 apartments for sale, with options for shared ownership and a central community ‘hub’.
The £18.2m funding from UTB is in addition to grants from Essex County Council, Homes England and a charitable foundation.
Paul Flannery, director of property development at UTB, said: “UTB is delighted to support the creation of what will be an outstanding senior living complex from a highly respected specialist developer and owner operator.
“It has been a pleasure to once again work with Vincent at PIA Financial Group who has brought together a complex funding solution involving several parties which meets the requirements of his clients as well as UTB as the senior debt provider.
“We are excited to see the project getting underway and look forward to watching it progress over the next two years.”