A HOUSING development has received a major cash injection.
Banking company Aldermore has provided a £10.7million loan to Russell Armer Homes to deliver a housing development in Kendal.
The Meadow Rigg site is located on the northern edge of Kendal, near Carus Green Golf Club, and is the largest single project ever undertaken by Russell Armer Homes.
It is a joint venture between Russell Armer Homes and the Housing Growth Partnership (HGP).
The development is being delivered in three phases and will comprise of 157 homes in total. These will be a mixture of homes including a small number of one and two-bedroom apartments, with the majority being two-, three- and four-bedroom houses.
Two of the Russell Armer Homes developed sites over the last four years have been in Kendal, and HGP has partnered with parent company Genesis Homes on seven developments to date.
Iain Bryson, head of development and specialist property at Aldermore, said: “We’re delighted to be working with Russell Armer Homes and Housing Growth Partnership to support delivering this exciting development, which will provide 157 high quality and much needed homes for the area.”
Nicky Gordon, managing director of Russell Armer Homes, said: "We are extremely thankful for the support of Aldermore and the Housing Growth Partnership to help us deliver a project which represents the company's largest single development and we're very excited to be providing much needed, high quality new homes to the area."
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