United Trust Bank provides £18.2m funding for outstanding Essex senior living development

United Trust Bank (UTB) has agreed to fund an ‘extra care village’ development near Braintree, Essex.

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

The development of 99 independent living (retirement) apartments comprises 37 affordable rented and 62 apartments for sale, with options for shared ownership, and a central community ‘hub’.

The finished property will provide communal facilities including a bistro/dining area, gym, library, hair & beauty facilities, IT suite and extensive gardens.  It will also provide onsite support (care) facilities which will support the promotion of independence, health, well-being and social inclusion.

The £18.2m funding from United Trust Bank 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 local community which is fit for purpose for the twenty first century.

Vincent Spano of brokers PIA Financial Group commented: “PIA Financial Group were happy to support a very professional outfit in Abbeyfield.  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 operate in. 

“Many lenders can dismiss a transaction that does not fit a box, but it was clear to me that Paul Flannery and United Trust Bank should be the first port of call for a deal of this nature.  The time and effort taken by Paul and his team to truly understand the transaction, and Abbeyfield’s business, was first class and I can safely say it was an amazing team effort which has resulted in a great deal for Abbeyfield and UTB.

“I wish Abbeyfield the very best and PIA Financial Group are grateful for the opportunity to assist.”

Paul Flannery, Director – Property Development, 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.”