Maslow Capital provides £74 million loan for Orwell Real Estate and HGP’s Basildon build-to-rent project

By Bridging Loan Directory 19th December 2024

Maslow Capital has completed a £74 million development loan to fund a landmark Build-to-Rent (BTR) project in Basildon town centre.

Introduced by real estate debt advisors Karis Capital, the scheme will be delivered by a joint venture between Orwell Real Estate and Housing Growth Partnership (HGP), comprising 492 residential units, 1,218 sq m of shared residential amenities, and 1,651.7 sq m of commercial space, significantly contributing to Basildon’s £600m regeneration masterplan.

The development, located near Basildon’s main train station, will comprise three interconnected mid-rise towers ranging from 12 to 17 storeys, connected via a ground-floor podium.

Offering a mix of one- and two-bedroom apartments, the scheme will provide extensive amenities, including five outdoor terraces, a gym, and co-working areas.

The site’s proximity to major transport links enables convenient access to central London within 35 minutes, making it an attractive option for commuters.

This Build-to-Rent scheme represents a positive response to Basildon’s housing undersupply, currently estimated at approximately 53%, according to Basildon Borough Council’s latest Five Year Housing Land Supply Update (2024–2029).

Beyond meeting housing needs, the scheme will target an EPC rating of A or B and integrate renewable technologies such as Air Source Heat Pumps, highly efficient LED lighting, and an ambient loop system for heating and hot water, reflecting a strong commitment to sustainability.

The project which had £12m of equity injected by HPG, has been forward-sold to Starlight Investments, highlighting its attractiveness to institutional investors engaged in the UK’s flourishing Build-to-Rent sector.

The £74 million landmark loan was successfully delivered after Karis Capital partnered with Maslow Capital to bring the deal to fruition.

Orwell Real Estate has been a longstanding client of Karis Capital’s, with this being the fifth project they have worked together on since 2019.

Craig Scott, Managing Director at Karis Capital commented:

“Facilitating the capital for a landmark project like this exemplifies Karis Capital’s commitment to supporting high-impact developments brought forward by experienced sponsors and backed by a funding partner with a leading reputation.

We’re proud to support this transformative project, fully confident that it will address Basildon’s urgent housing needs while setting a strong precedent for future regeneration efforts.”

Emma Burke, Head of Origination at Maslow Capital, commented:

“We are delighted to support this bold vision for Basildon’s regeneration, marking another milestone in Maslow Capital’s dedication to forward-thinking, sustainable developments.

This is an exciting opportunity in a thriving Build-to-Rent market, and we are proud to collaborate with like-minded partners who share our vision for the UK and Europe’s housing supply.”

Neil Strelitz MRICS, Co-founder of Orwell Real Estate, commented:

“We look forward to delivering this landmark scheme, which sits at the heart of Basildon’s £600m regeneration.

By partnering closely with Maslow Capital and other key stakeholders, we have combined our extensive market knowledge and commitment to quality to bring this complex, multi-phase project to life—ultimately providing much-needed homes and lasting benefits for the local community.”

James Hutchinson, Investment Director at Housing Growth Partnership commented:

“At HGP, we believe in backing ambitious projects that not only address local housing shortages but also enhance the quality of life for residents.

By partnering with Orwell Real Estate, we are supporting a transformational Build-to-Rent development that accelerates Basildon’s town centre regeneration story.”