Edward Horn-Smith and Cameron Hayes at Arc & Co. have completed a £68m development facility with Oaktree-backed lender, Silbury Finance.
The development is being brought forward by London developer Avanton, as part of a joint venture with Housing Growth Partnership. The development of 262 residential units marks the start of Avanton’s masterplan for the Old Kent Road area, aligned with Southwark and the GLA’s aims to deliver 20,000 new homes, workspaces and schools. Avanton are playing a key role in this regeneration, bringing several developments forward over the next few years.
Following a short but thorough tender process; Arc & Co. secured senior debt from Silbury, who were able to structure fixed rate market leading terms.
Edward Horn-Smith, Managing Director at Arc & Co. says, “We are very happy to be partnering with clients like, Avanton, who are pushing the envelope to deliver well-designed, competitively priced residential schemes and are ahead of the curve in unlocking new parts of London. They are a strong developer with a robust track record in London and we look forward to growing the relationship.”
Arc & Co. worked closely with the client on this to secure the site on an initial bridge loan earlier this year to finalise planning.
Cameron Hayes, Asset Finance Advisor at Arc & Co. says, “Working with an institutional partner like Silbury was fundamental to the successful launch of this scheme in partnership with Avanton and Housing Growth Partnership. Given the size of the project and prospective tenor, Arc & Co. were able to agree pricing on a fixed-rate basis to help protect the client against further cost increases and interest rate rises.”