Joint venture partners Orwell Real Estate and Housing Growth Partnership (HGP) have secured a £74m development loan from Maslow Capital to fund a build-to-rent (BTR) project in Basildon town centre.
The development, which is located near Basildon’s main train station, will comprise three interconnected mid-rise towers ranging from 12 to 17 storeys, connected via a ground-floor podium.
It will offer a mix of 492 one- and two-bedroom apartments and 1,651 sq m of commercial space. The on-site amenity provision will include outdoor terraces, a gym and co-working areas.
The development, which has received a £12m injection of equity from HPG, has been forward-sold to Starlight Investments.
Neil Strelitz, co-founder of Orwell Real Estate, said: “We look forward to delivering this landmark scheme, which sits at the heart of Basildon’s £600m regeneration. By partnering closely with Maslow Capital and other key stakeholders, we have combined our extensive market knowledge and commitment to quality to bring this complex, multi-phase project to life – ultimately providing much-needed homes and lasting benefits for the local community.”
James Hutchinson, investment director at Housing Growth Partnership, added: “At HGP, we believe in backing ambitious projects that not only address local housing shortages but also enhance the quality of life for residents. By partnering with Orwell Real Estate, we are supporting a transformational build-to-rent development that accelerates Basildon’s town centre regeneration story.”
Emma Burke, head of origination at Maslow Capital, said: “We are delighted to support this bold vision for Basildon’s regeneration, marking another milestone in Maslow Capital’s dedication to forward-thinking, sustainable developments. This is an exciting opportunity in a thriving build-to-rent market, and we are proud to collaborate with like-minded partners who share our vision for the UK and Europe’s housing supply.”
Craig Scott, managing director at Karis Capital, which partnered with Maslow Capital to bring the deal to fruition, added: “Facilitating the capital for a landmark project like this exemplifies Karis Capital’s commitment to supporting high-impact developments brought forward by experienced sponsors and backed by a funding partner with a leading reputation. We’re proud to support this transformative project, fully confident that it will address Basildon’s urgent housing needs while setting a strong precedent for future regeneration efforts.”
