£23.6m residential development facility sourced for Storey Homes

05 February 2021

Peritus source £23.6m revolving development facility for Storey Homes latest residential scheme

We are delighted, once again, to be working with our retained clients, Storey Homes on their new development of 109 homes in Bedfordshire.  A specialist lender offering a revolving facility, specifically tailored to the scheme, was sourced.  

The Peritus Corporate Finance team running the transaction was led by Gordon Clements who said, “We have found new ways of working during the Covid-19 pandemic and the deal was transacted efficiently and seamlessly over 6 weeks, with constant communication between client, lender, professionals and ourselves.”

The housing scheme is part of a major home-building effort in the local area. The site known as Bidwell Mews will include 33 social housing properties and will have a gross development value of c. £40m.

 

 

 

Katy Jordon, Managing Director, Storey Homes said, “We have built an excellent working relationship with Peritus and during this transaction, they went above and beyond the call of duty in challenging market conditions to secure a facility for our Bidwell Mews scheme which contains a mix of fantastic, 2, 3, 4 and 5 bedroom homes set within landscaped open space and close to local amenities."

Darren Baker, CEO, Peritus noted, “The ongoing commitment of our team working closely with lenders across the market has ensured that our service has not missed a beat throughout the pandemic. Peritus and its joint venture, Gerald Eve Corporate Finance continue to be active in both the residential and commercial development markets and our team of highly experienced property professionals are all working hard to ensure our clients receive a smooth and seamless transaction, no matter what the market conditions are.”

 

Further details of the development can be seen at https://storey-homes.co.uk