Law firms Devonshires and Clarke Willmott have advised Cadwyn Housing Association on securing a £41m, 35-year, private placement and £21M revolving credit facility.
The financing will help support Cadwyn in its plans to develop more social housing to help prevent homelessness.
Cadwyn, supported by Centrus, has a new treasury management strategy and has entered into new facilities with Barclays and funds managed by Westbourne Capital.
This will enable it to deliver over 500 homes in the next five years in support of the Welsh Government’s ambition to build 20,000 affordable homes.
Cadwyn already owns and manages approximately 2,000 homes and recently celebrated 50 years as a community housing association in the heart of Cardiff.
Kath Palmer, Chief Executive of Cadwyn, said: “As the new Chief Executive I am delighted to build on the successes of Cadwyn and to continue to provide excellent quality homes and build communities through partnership and innovation.
“This funding will take Cadwyn forward into our next phase of development and we thank Centrus for their excellent support as well as our key funders Westbourne Capital and Barclays and our legal advisors Devonshires Solicitors and Clarke Willmott.”
Natalie Swales, the lead associate from Devonshires Solicitors advising Cadwyn, said: “The team at Devonshires are delighted to have been able to support Cadwyn in securing this long-term funding at an extremely competitive rate. The deal evidences the continued commitment to social housing provision in Wales and will enable Cadwyn to increase the supply of good quality social housing in and around the Cardiff area for years to come.”
Vicky Kells, partner and joint head of the Social Housing team at Clarke Wilmott, said: “We are very pleased to have helped Cadwyn secure these new funding streams, supporting their ambitious plans for growth and commitment to providing affordable homes in Wales. This deal consolidates our experience and expertise in the private placement market, which continues to be an attractive and competitive source of long-term funding for housing associations.”