Momentum builds as Darlington housing project secures £6m funding

A UK property manager has announced that it has raised more than £6m for a new family home development in Darlington.

Maven Capital Partners has secured £6.26m of funding for its new Oak Meadows development, which will create 61 homes in partnership with Calmont Homes.

The funding comes through a £1.76m equity fundraise from Maven Investor Partners, as well as a £4.5m debt facility from TOC Property Backed Lending Trust, managed by Tier One Capital.

The project will be based in Middleton St George in Darlington, with a total estimated development cost of £15.8m.

Paul Johnston, partner at Maven, commented: “We are delighted to partner with both Calmont and Tier One again, having worked successfully with each of them on previous projects.

“This is a unique development in Middleton St George which I’m sure will be well received by home purchasers and we look forward to seeing the development progress.”

Ben Hall, director at Calmont, said: “Thanks to this investment by PBLT, arranged by Tier One, we are able to bring high quality, bespoke family homes to this lovely tree lined site.

“The properties will be marketed through the well-established local agent Nick Carver.”

Brendan O’Grady, fund manager at PBLT, added: “We’re really pleased to confirm this substantial funding for Calmont and Maven.

“We are delighted to have partnered with Maven again as we continue to provide our shareholders with investment opportunities presented by strong, credible and experienced management teams.

“There is a real vibrancy about the town following announcements of government departments moving to Darlington as part of the government’s levelling up ambitions alongside the well documented investment being made into Teesside Airport, which is generating great interest and attracting people to the area who will be looking for high quality modern homes.”

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