MCR Property Group has secured a £67m senior loan from Oaktree Capital Management-backed Silbury Finance to fund the development of 341 homes in Bedford.
MCR will use the 24-month facility to deliver the homes on Dallas Road, two miles south west of the town centre. The company has received planning for the phased development of 297 one- and two-bed flats for private sale, 28 town houses and 16 shared ownership properties.
The homes are expected to complete in Q3 2025 and will be built to a minimum B EPC rating.
Gavin Eustace, CEO of Silbury Finance, said: “Whilst other pockets of the market retrench, we continue to support the delivery of well connected, affordably priced, mixed tenure schemes that appeal to a diverse range of customers – in this case commuters, downsizers and families – in key regional markets. Looking through the near-term macroeconomic volatility, the UK faces an acute shortage of new homes for both sale and rent, and it will be dynamic, established developers like MCR who will be key to solving the current crisis.
“Whilst funding over £1bn of UK residential real estate in just over two years is a significant milestone for Silbury, we have much greater ambitions. The living sector’s long-term structural drivers remain compelling, which, coupled with our deep through the cycle expertise, funding certainty and strong deal pipeline, provides an ideal platform for growth.”
Aneel Mussarat, founder of MCR Property Group, added: “We remain committed to delivering high quality, sustainable homes across the UK, alongside long-term trusted partners like Silbury, who have now supported us across three developments, and truly understand both the challenges and opportunities of operating against the current backdrop.”
