Close Brothers Property Finance agrees £20m revolving credit facility to support 52 new homes – The Intermediary
The RCF marks the first transaction between Close Brothers Property Finance and gs8 and unlocks a four-acre site that had stalled following the administration of its previous owner.
Close Brothers Property Finance has agreed a £20m revolving credit facility (RCF) with gs8 to finance the delivery of 52 new homes in Radlett, Hertfordshire, with a gross-development-value (GDV) of £47m.
The RCF marks the first transaction between Close Brothers Property Finance and gs8 and unlocks a four-acre site that had stalled following the administration of its previous owner.
gs8 acquired the site out of receivership.
The development, known as Medburn Yard, will comprise of 38 private, and 14 affordable homes ranging from one to four bedrooms, including the conversion of a Grade II listed barn.
Phil Hooper, CEO of Close Brothers Property Finance, said: “gs8 is setting a new benchmark for sustainable housebuilding in the UK, with sustainability built into every stage of the decision-making process.
“It is a smart, future-proofed approach, and one that is proving exceptionally popular with buyers in what remains a challenging sales market.
“We are proud to be supporting ambitious businesses like gs8 and funding schemes that are raising the bar for what new housing in this country can deliver.”
Josh Gordon, co-founder of gs8, added: “Medburn Yard is genuinely a unique scheme which Radlett can be proud of, and one that demonstrates what is possible when beautiful design, heritage and sustainability are treated as a single brief rather than competing priorities.
“Close Brothers understood that vision from the outset, and their expertise has been invaluable in bringing the scheme forward at pace.”
