Jaevee

JaeVee completes JV with Roddy New Homes for Kent development



JaeVee has completed a joint venture with Roddy New Homes on the development of 12 residential houses in Deal, Kent.

203_2021-10-11-04-53-12pm.gif

The £5.3m GDV scheme will offer a mixture of detached, semi-detached and terraced properties.

JaeVee and Roddy New Homes acquired the site for just over £1.2m.

ON Architecture has been appointed as the architect, while Considine Ltd will be the structural engineer.

Palace Construction has been hired as the main contractor on JCT design and build terms.

Construction is expected to begin in March and is set to finish within 12 months, with a further six months allocated for the sales period.

The project has received a £3.45m senior debt facility from Triple Point, a £350,000 mezzanine loan from Davon and £280,000 from equity investors.

The senior debt funding was agreed at 65% LTGDV and 80% LTC, while the mezzanine facility was offered at 70% LTGDV and 90% LTC.

Both loans were granted on an 18-month term.

"We're very pleased to complete the acquisition of this site,” said Ben James Smith, co-founder and CEO of JaeVee.

“Roddy New Homes has delivered some excellent property development schemes to date, so we’re excited to be working with them. 

“As with our previous joint ventures over the past year, while the global pandemic continues to bring its challenges, our position is determined by taking mid- to long-term views as to how the property market will look at that time in the future. 

“We thank both our debt lenders and investor partners in supporting this property development joint venture.” 

John Roddy, director at Roddy New Homes, commented: "The pandemic certainly brought its challenges, though we’re delighted to have partners with JaeVee on this joint venture. 

“The process understandably took time due to Covid, though we eventually got [it] across the line.” 



Leave a comment