Audley Group, has completed the refinancing of its debt facilities with a five year term loan of £125 million, jointly funded by HSBC and Bank Leumi (UK).
The facility will fund all existing developments within the group across both luxury brand Audley Villages and new mid-market provider Mayfield Villages, as well as new locations, covering the cost of land acquisition and development.
The news comes on the back of an additional £85 million of equity raised in June 2017 by the Moorfield Audley Real Estate Fund (MAREF), taking the total equity raised to £285 million. Moorfield Group, the UK real estate private equity fund manager, created MAREF to acquire Audley in December 2015.
As well as the 17 villages that sit under the Audley Villages brand, which when completed will provide at least 2,000 units nationwide, 500 units are currently planned at future Mayfield Villages sites, including the first location at Watford.
Jon Austen, chief financial officer, Audley Group, said: “The Audley Group model is one of sourcing sites, achieving planning, then developing and operating the completed village, which will offer owners an independent lifestyle with restaurants, library, healthclub and on-site care if owners need it.
“Demand for our product is extremely high, driven by the increasing ageing of our population. This new facility allows us to execute our aggressive growth strategy and the backing of HSBC and Bank Leumi (UK) is a reflection of the quality of our business, our profitability and the strength of our balance sheet.”