The joint venture between EcoWorld London and Poplar HARCA has secured a £36 million development facility from Lloyds Bank to deliver a further 223 new residential units, a community centre and ancillary retail at Aberfeldy Village in Poplar, London.
Aberfeldy Village, which comprises 1,176 homes across six phases, is being developed as a joint venture between Poplar HARCA housing association and EcoWorld London. The three-year financing will support the build-out of Phase 3B of the development. Lloyds Bank has to date funded 445 homes for open market sale already delivered across previous phases, having previously extended over £60 million of development finance since the project began in 2013.
Aberfeldy Village is a landmark redevelopment in East London. To date, the scheme has delivered 678 homes comprising units for open market sale, Build-to-Rent and affordable housing, as well as a new park called East India Green. The development will also deliver a new GP surgery, a community centre, and retail units.
Heng Leong Cheong, Chief Executive, EcoWorld London commented:
“This latest funding facility is testament to both the high-quality regeneration of Aberfeldy Village and the underlying commercial strength of the scheme. We are committed to delivering quality homes that Londoners need and securing this funding facility will allows us to continue to do so. We would like to thank Lloyds Bank for their unwavering support and commitment on the project notwithstanding the current circumstances and during a time of great economic uncertainty.”
Steve Stride, Chief Executive, Poplar HARCA, commented:
“This is good news at a difficult time for so many in our community. This funding secures the next stage of Aberfeldy Village, which we know is important to local residents. It continues the delivery of what we promised them: new homes, a new park, and community, health and retail spaces.”
Sam Shah, Director from Lloyds Bank’s Real Estate & Housing team added:
“We have been supportive of Aberfeldy Village from the very beginning with this being our fourth development loan to support the delivery of further high-quality housing for Londoners, and which we’re pleased to have completed despite the challenges created by COVID19.”