Oaktree-backed lender provides £43m in sustainable double deal

Oaktree Capital Management-backed development lender Silbury Finance has agreed two sustainability-linked senior loans totalling £43m. The debt deals for residential schemes in Aldgate and Bath bring Silbury’s total funding to £240m across eight senior development loans. Silbury has provided WMG £23.8m for a 17-storey tower in Aldgate, EC1 (pictured). The 34-month loan was agreed at a 63% loan-to-value, allowing construction of 49 flats by construction company Unique Property Group. In Bath, a 30-month £19.3m loan will allow a further 95 for-sale homes to be built at Chivers House by C-Group Developments. The two deals include a discount on the exit fee if the borrowers meet certain sustainability criteria. Both developments are due to complete in 2024. Silbury Finance was founded in 2021 by Matthew Pritchard, former head of European real estate debt at Man Group, and Gavin Eustace, former head of lending at Octopus Real Estate. The platform specialises in residential and senior housing funding and aims to deploy £3bn over six years. Eustace said: “With significant funding capacity we continue to screen a wide range of opportunities, with a particular focus on larger developments, a part of the market that remains underserved by debt providers. “In particular, schemes with strong ESG credentials in submarkets with good connectivity and which appeal to a diverse demographic will be the focus of our origination.” To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Photo © WMG