Lawyers at national law firm Clarke Willmott in Cardiff have advised Principality Commercial on a £20 million funding package for Bangor-based social housing provider Adra.
Fraser MacRae, partner in the social housing team, and associate Harvinder Kandola advised on the lending part of the transaction, while Vicky Kells, partner and head of the social housing team, and solicitor Samesh Khamb advised on the property side.
The facility will support Adra’s development programme and continued investment into its existing housing stock across north Wales as well as delivering over 200 new affordable homes, including the 23-home scheme at Cae Perthi in Y Felinheli, between Bangor and Caernarfon.
Fraser MacRae said: “We were pleased to have the opportunity to support Principality Building Society on another lending transaction. We enjoy seeing the end result of our input on these lending projects and how this positively impacts Welsh communities. Our Cardiff team is primed to deliver on funding projects of all sizes and strategically we aim to continue focusing our efforts on projects that benefit Wales and the RSLs operating here”.
Principality Building Society’s commercial business lends across England and Wales, providing finance for both investment and development schemes in the commercial and residential sectors, including supporting housing associations.
Richard Wales, commercial lending director at Principality Building Society, said: “We are delighted to be supporting Adra with funding to help deliver more affordable homes and invest in communities across North Wales.
“As a Welsh lender, we’re proud to work with organisations that share our commitment to creating sustainable, high-quality housing and supporting local communities. We look forward to building our relationship with Adra and supporting its ambitious plans for the future.”
Rhys Parry, director of resources at Adra, said: “We are delighted to have secured our first loan facility with Principality. This milestone marks an important step in strengthening Adra’s financial capacity to deliver additional homes, while continuing to invest in high-quality services for our communities across North Wales.
“This new loan facility from Principality has enabled Adra to successfully deliver the 23‑home Cae Perthi scheme in Y Felinheli. This investment marks a key achievement with Adra now owning and managing over 7,500 homes.”
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For more information, please contact 0800 652 8025 or a member of our social housing team.
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