Maslow Capital has provided a £36m senior development loan to Audley Construction Group to support the delivery of a 172-unit residential-led scheme in Maidstone, Kent.
The facility will fund the completion of a mixed-tenure development comprising two adjacent blocks of 11 and 12 storeys. Construction works at the site are already well progressed with superstructure works well advanced.
Emma Burke, MD, head of development finance origination (UK and Europe) at Maslow Capital, said: “We are delighted to have supported Audley Construction Group in delivering this important scheme for Maidstone. The town has a well-documented undersupply of housing, and this development will provide much-needed homes in a highly connected, town centre location. The sponsor’s experience, the advanced stage of construction and the strength of the underlying fundamentals made this a compelling transaction, and we look forward to seeing the scheme through to completion.”
Harish Raghvani, director at Audley Construction Group, added: “Maslow demonstrated genuine commitment and certainty of execution throughout the process. Their understanding of the scheme and flexibility in structuring the facility enabled us to continue progressing works on site without interruption. We are pleased to be working with a lending partner that shares our long-term vision for the project.”
David Yeadon, executive director, head of commercial real estate finance at SPF Private Clients, which introduced the opportunity to Maslow, said: “Maidstone is a commuter town where population growth has outpaced housing delivery for over a decade, and bringing forward 172 homes in a town centre location is a meaningful contribution to closing that gap. Schemes of this scale and complexity need a lender that can move at the pace developers require, and Maslow’s track record of funding schemes of this scale, and the certainty of execution they bring, made them a perfect fit.”
