Silbury Finance has made its largest loan yet, a near-£74m sustainability-linked facility for North Star Investment Management to back a for-sale residential scheme in York.
The Oaktree Capital Management-backed development lender said the 30-month, 73% LTGDV facility is a record for the company and will fund the remediation phase and construction of the 215-flat Gasworks scheme at Heworth Green.
The loan includes a discount on the exit fee if North Star meets sustainability criteria, including a minimum high B EPC rating.
Gavin Eustace, founding partner at Silbury Finance, said: “Despite the wider market volatility and threat of a recession, the fundamentals underpinning the UK housing market remain highly compelling. In particular, we anticipate continued demand for regional schemes around high-growth urban centres, which are priced sensibly and that benefit from excellent infrastructure connectivity.”
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