3rd September 2019
Castle Combe-based Stonewood will commence building the two-, three-, four-, and five-bed houses – including 10 affordable homes - on acquired land in Great Somerford near Chippenham.
Finance for the development is being provided by Stonewood, the Housing Growth Partnership (HGP) - a social impact equity investor backed by Lloyds Bank and Homes England – and a development loan from Close Brothers Property Finance. The funding was raised through the business’ recently created subsidiary company, Stonewood Partnerships.
Finance director at Stonewoood Partnerships, Adam Marks, together with head of development and partnerships Gavin Calthrop and Stonewood’s group commercial director Ben Lang, received legal advice from Thrings partners John Richardson (corporate), Michael Chilton (construction) and Mike Tomlin (banking).
Work included reviewing the Development Management Agreement, preparing the schedule of amendments to the JCT Design and Build Contract, reviewing the joint venture partnership between Stonewood and HGP, settling shareholder loan documentation and assessing the loan and security terms set by Close Brothers Property Finance.
Ben Lang said: “Our new build developments are an exciting part of Stonewood’s continued growth and, having acquired this site, we are looking forward to working with our funding partners to deliver a high-quality scheme. We had a challenging deadline to meet and Thrings worked with us really effectively to get the deal done.”
Stonewood has grown considerably over the last ten years and currently employs more than 160 qualified professionals. Its clients include the Emily Estate, Feilden Clegg Bradley Studios, the Bathurst Estate and Bath's Royal Crescent Hotel.
In recent years, the company’s work has been endorsed by several leading industry bodies, winning several Federation of Master Builders and Houzz awards and named a finalist in last year’s Local Authority Building Control (LABC) Building Excellence Awards.
John Richardson added: “Over the past 40 years, Stonewood has built an enviable reputation for excellence in delivering high specification building projects for its clients while maintaining an unwavering commitment to innovation and sustainability.
“Thrings is very pleased to have worked with Adam, Gavin, Ben and their team to secure funds which will result in 38 new homes being built. We wish Stonewood well with the development and look forward to working together again as the business pursues further opportunities for growth and explores larger development projects.”
Stonewood received advice on the property aspects of the transaction from Goughs Solicitors. HGP was represented by Osborne Clarke, while Brecher acted on behalf of Close Brothers Property Finance.