Specialist real estate finance provider Maslow Capital has provided a £36 million senior development loan to Audley Construction Group to support the delivery of a 172-unit residential-led scheme in central Maidstone, Kent.
The facility will fund the completion of a mixed-tenure development, comprising two adjacent blocks of 11 and 12 storeys. Once complete, the scheme will deliver 172 residential apartments alongside 7,320 sq ft of ground floor commercial space and 49 car parking spaces.
Audley Construction Group is a third-generation family business specialising in development and contracting across London and the South East of England. Construction works at the site are already well progressed, with superstructure works well advanced.
The development responds to a clear structural undersupply of housing in Maidstone, driven in part by population growth of 13.3% between 2011 and 2021, double the national rate of 6.6%. With only 393 homes currently planned within a 1.5-mile radius of the site, the town’s housing deficit is set to persist even once the wider pipeline is delivered, a gap this development is positioned to help close.
The transaction was introduced to Maslow Capital by David Yeadon at SPF Private Clients.
Emma Burke, MD, Head of Development Finance Origination (UK & Europe) said:
“We are delighted to have supported Audley Construction Group in delivering this important scheme for Maidstone. The town has a well-documented undersupply of housing, and this development will provide much-needed homes in a highly connected, town-centre location. The sponsor’s experience, the advanced stage of construction and the strength of the underlying fundamentals made this a compelling transaction, and we look forward to seeing the scheme through to completion.”
Harish Raghvani, Director, at Audley Construction Group commented:
“Maslow demonstrated genuine commitment and certainty of execution throughout the process. Their understanding of the scheme and flexibility in structuring the facility enabled us to continue progressing works on site without interruption. We are pleased to be working with a lending partner that shares our long-term vision for the project.”
David Yeadon, Executive Director, Head of Commercial Real Estate Finance at SPF Private Clients added:
“Maidstone is a commuter town where population growth has outpaced housing delivery for over a decade, and bringing forward 172 homes in a town-centre location is a meaningful contribution to closing that gap. Schemes of this scale and complexity need a lender that can move at the pace developers require, and Maslow’s track record of funding schemes of this scale, and the certainty of execution they bring, made them a perfect fit.”
