The project is being completed by Abbeyfield Braintree, Bocking and Felsted Society, a charity which focuses on providing housing for older people in the local area.
The scheme will comprise 99 independent living apartments: 37 affordable rented and 62 apartments for sale, with options for shared ownership and a central community hub.
Communal facilities — including a dining area, gym, library, hair and beauty facilities, IT suite and extensive gardens — will be available.
The development will also provide on-site support facilities.
- DFT roundtable: What areas of property development finance finance are most underserved?
- UTB provides £9.9m to redevelop site featuring Grade II-listed building
- UTB agrees £12.1m facility for acquisition and development of former bus depot
In addition to the funding from UTB, grants from Essex County Council, Homes England and a charitable foundation have also been provided.
“After my initial appraisal of the scheme with the client, it was clear that funding this scheme required a bank and team who understood, not only development, but the sector Abbeyfield operates in,” said Vincent Spano of brokers PIA Financial Group.
Paul Flannery, director of property development at UTB, added: “It has been a pleasure to once again work with Vincent at PIA Financial Group, who has brought together a complex funding solution involving several parties which meets the requirements of his clients as well as UTB as the senior debt provider.”