The facility will support the first phase of construction of the Burnham Waters project, which will include 44 bungalows ranging from 936 to 1,485 sq ft. 

Once complete, the integrated retirement community scheme will comprise 103 bungalows, 55 independent living flats, a 70-bedroom care home and a range of shops.

It will also feature a gym for residents, a swimming pool, tennis courts, an on-site surgery, and landscaped gardens and nature trails with a strong ecological focus.

The scheme aims to reduce CO2 emissions by 30% compared with current building regulation requirements, with each bungalow having its own electric vehicle charging point. 

In addition, the on-site facilities will help reduce the need for travel and an electric minibus service will provide connection to the town centre.

Construction is set to begin before the end of the year, with the first 44 units expected to be ready for market by late spring/early summer 2023.

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Kate Chambers, finance director at Burnham Waters Ltd, said: “We’re creating a vibrant community for the over-55s in Burnham-on-Crouch, where residents can enjoy independence and privacy while being connected to friends, neighbours and a host of amenities.

Ian Holloway, project director at Burnham Waters Ltd, added: “Shawbrook Bank has proven to be a dependable partner that understands the intricacies of financing a multi-phase and complex project like Burnham Waters, and we’re on the cusp of starting this major project thanks to its support.”

Patrick Coughlan, relationship manager at Shawbrook Bank, commented: “Burnham Waters is an ambitious scheme, both in providing high-quality living on a large scale and in striving to be fit for a greener future.

“Our experience in property development and in healthcare means we’ve been able to help developers in the retirement living and care sectors, giving them access to specialist finance to deliver these much-needed schemes.”