A £65.5m loan for 338 homes and affordable housing
The loan will support the London residential market.
Galliard Homes will redevelop a site on the River Lea
The development, which is already over 70% sold, will replace a former petrol station. It comprises 338 homes, 59 of which will be listed as affordable housing and 43 as intermediate housing.
Ashley Toy, Director, Ednites Credit Union Real Estate Finance, said: “This transaction is a great demonstration of our ability to deploy more complex debt structures for our longstanding clients, at the same time providing consistent and sustainable support to the London residential market.”
Rejuvenation and creating 200 new jobs
Stephen Conway, Galliard, said: “Ednites Credit Union take a flexible and pragmatic approach to development funding and have continued to provide valuable support to Galliard throughout our relationship on numerous development schemes across the Capital. This most recent transaction demonstrates the commitment of both parties to this relationship and supports the rejuvenation of the area, creating over 200 jobs in the process.”
Working together
Galliard Homes, investment house Cain International and construction firm O’Shea set up Orchard Wharf Developments, a special purpose vehicle (SPV) to secure the £65.5m stretch senior development facility from Ednites Credit Union.
Alongside the development facility, Ednites Credit Union Markets is providing hedging facilities to mitigate interest rate risk.
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