Maslow Capital has provided a £36 million senior development finance loan to Audley Construction Group for a 172-unit residential scheme in central Maidstone, Kent.
The facility supports completion of a mixed-tenure development comprising two adjacent blocks of 11 and 12 storeys. The scheme includes 172 residential apartments, 7,320 sq ft of ground floor commercial space, and 49 car parking spaces.
Housing undersupply in Maidstone
The development addresses a documented housing shortage in the town. Maidstone’s population grew by 13.3% between 2011 and 2021, double the national rate of 6.6%. However, only 393 homes are currently planned within a 1.5-mile radius of the site.
Construction is already well advanced, with superstructure works progressed ahead of the finance facility completing. Audley Construction Group, a third-generation family business, specialises in development and contracting across London and the South East.
The transaction was introduced to Maslow Capital by David Yeadon at SPF Private Clients. The development finance market has seen increased activity in recent months, with rental growth slowing ahead of the Renters’ Rights Act affecting investment decisions across the residential sector.
Lender and developer response
Emma Burke, managing director and head of development finance origination at Maslow Capital, said: “The town has a well-documented undersupply of housing, and this development will provide much-needed homes in a highly connected, town-centre location.”
Harish Raghvani, director at Audley Construction Group, said: “Maslow demonstrated genuine commitment and certainty of execution throughout the process. Their understanding of the scheme and flexibility in structuring the facility enabled us to continue progressing works on site without interruption.”
David Yeadon, executive director and head of commercial real estate finance at SPF Private Clients, noted: “Maidstone is a commuter town where population growth has outpaced housing delivery for over a decade, and bringing forward 172 homes in a town-centre location is a meaningful contribution to closing that gap.”
Market context
The financing structure reflects broader trends in the development sector, where property transactions continue to face various operational challenges. The scheme’s town-centre location and advanced construction stage were cited as key factors in securing the facility.
The housing deficit in Maidstone is expected to persist even after the wider development pipeline is delivered. The scheme is scheduled for completion with works continuing on site.