Lloyds Commercial Banking and the Homes and Communities Agency have agreed a £32m loan for Poplar HARCA and Wilmott Residential’s regeneration scheme in Aberfeldy Village, E14
The three-year loan will fund the third phase of the scheme, which includes 121 new homes, infrastructure, a health centre and retail space.
In total, the project is expected to deliver 1,176 homes to the area, across six phases of development.
Lloyds Bank has so far provided £41m of development financing to the Poplar HARCA and Wilmott joint venture.
Sam Shah, director on the developers team at Lloyds Bank Commercial Real Estate, said: “Aberfeldy Village has transformed this estate, and we’re proud to continue playing an important role in this. Working with the HCA, we have enabled the joint venture to create new housing and infrastructure in tandem.”
Steve Stride, chief executive of Poplar HARCA, said: “The residents of Aberfeldy have waited a long time for regeneration to happen. This financial boost means the next phase will be delivered sooner and that is unanimously welcome.
“The mix of tenures on this scheme means opportunities for new affordable homes for local residents, and a sustainable future for the area. It demonstrates how regeneration secures transformation on human, community and much wider dimensions.”
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