TLT has advised long-standing client Swan Housing Association Limited on a £30m funding from Homes England, the government's housing delivery agency.
The funds will be used to redevelop the Beechwood Village (formerly known as Craylands) and Laindon Shopping Centre in Basildon, Essex.
Swan has been working with Basildon Borough Council on the site since 2006. The new funding will be used to build more than 760 new homes including up to 110 affordable homes using modular construction, and almost 8,000 square metres of retail and commercial space.
Homes England has agreed the loan as part of its £290 million Estates Regeneration Fund, which offers finance to kick-start and accelerate the regeneration of estates.
TLT has acted on the site since 2006. The firm's real estate experts advised Swan on the property aspects of the funding arrangement for the Beechwood Village site with Homes England, supported by TLT's planning, construction and tax teams.
The TLT team was led by associate Shazia Bashir (housing and regeneration) alongside partner Katherine Evans (planning), legal director Mark Braude (tax) and legal assistants Daniel Wilkins (projects, infrastructure and construction) and Rebecca Thibault (real estate).
Luke Riley, Project Director at Swan Housing Association, says: "We are delighted to have received this new funding from Homes England. The funding will enable us to build much-needed homes at a much faster pace and to progress towards our ambitious target of building an additional 10,000 homes by 2027.
"TLT played a critical role in getting this moving; they could offer us a full service and took care of all of our needs. We particularly valued their extensive experience in housing regeneration schemes and affordable housing."
Shazia Bashir, associate at TLT, says: "The UK continues to face a housing shortage so it is great to see schemes like this benefiting from the support available and contributing towards the government's housing delivery targets, including for affordable housing.
"The use of partnerships and techniques like modular construction, as Swan is doing in Basildon, can make a significant difference to the speed of delivery as well as enhancing environmental protection. We are delighted to be supporting Swan with this latest stage of redevelopment."
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