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.”