Aldermore, the specialist finance lender, has provided a £8.4m development finance loan to Citu Group, a low-carbon developer. The loan will help to finance the development of a 46-unit residential scheme in Kelham Central, Sheffield.
The scheme is part of a wider project which will consist of 114 residential units in total.
Modern methods of construction will be used which limit construction time and waste. Citu’s own, nearby manufacturing facility will provide the timber panels, which are designed in collaboration with Leeds Beckett University. The resulting high quality homes will reduce the occupiers’ carbon footprints as they will be energy-efficient.
Iain Bryson, head of development and specialist property at Aldermore, said: “We recognise that MMC plays an increasingly important role in delivering homes. We’re committed to working with construction firms, housebuilders and developers like Citu to fund high-quality, low-carbon, sustainable developments.”
Chris Thompson, managing director of Citu Group, added: “Banks have a large influence in directing funds to climate-conscious projects and businesses, and we welcome Aldermore’s vision in supporting us in bringing this important project to fruition.”
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Aldermore recently provided a £1.3m commercial development finance loan, for a retail development in the North of England, to enable the construction of two drive-thru units by West Yorkshire-based property developer Cookridge Estates.