PIA Financial Group advises on £18.2m deal for UTB

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  • 28/01/2020
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PIA Financial Group advises on £18.2m deal for UTB
United Trust Bank (UTB) has advanced £18.2m to fund the development of a retirement living complex near Braintree, Essex.

 

The deal was brokered by PIA Financial Group.

The development of 99 retirement living apartments comprises 37 homes to rent and 62 apartments for sale, with options for shared ownership and a central community hub.

The £18.2m funding from UTB is in addition to grants from Essex County Council, Homes England and a charitable foundation.  The construction of the village will support a local charity providing housing for their community.

Onsite care facilities will also be provided to help residents remain living independent.

The project is being completed by Abbeyfield, Braintree, Bocking & Felsted Society, a charity focused on providing housing for older people around Braintree. Its mission is to enhance the quality of life for older people through quality accommodation in a stimulating environment to maintain a socially active life.

Paul Flannery, director of property development at United Trust Bank, said: “UTB is delighted to support the creation of what will be an outstanding senior living complex from a highly respected specialist developer and owner operator.

“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.

“We are excited to see the project getting underway and look forward to watching it progress over the next two years.”

 

Positive broker outlook

In a survey of more than 100 commercial finance brokers carried out by UTB after the December general election, 86 per cent described the outlook for their business in 2020 as positive and 77 per cent said they had a positive outlook for the UK economy in 2020.

Meanwhile, 65 per cent were positive about the outlook for the UK’s residential property market this year.

 

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