Hill Marshall, a joint venture between Marshall Group Properties and Hill, has secured a £22.4m funding deal with Homes England to accelerate the delivery of 1,300 homes in Cambridge.
The development, Wing, comprising a combination of apartments and houses, will be delivered on 160 acres of brownfield land owned by the Marshall Group.
By striking a deal with Homes England, the funds, which will be used to enable infrastructure works for the entire development, will be released at an early stage in the development, enabling Hill to deliver the first phase of housing, 350 private homes and 150 affordable homes, 18 months ahead of schedule.
“This loan is a significant step towards seeing this 1,300-home community a become a reality,” said Nick Walkley, chief executive of Homes England.
The 10-year loan will be drawn from Homes England’s Home Building Fund, a £3bn fund set up to accelerate the delivery of residential and mixed-use housing developments through development and infrastructure loans