Multi-million pound funding deal for York development

Bank funding worth £16m has been secured to support the third phase of the Hungate residential development in York.

NatWest has provided the cash for Hungate (York) Regeneration to build 101 apartments.

The development is a joint venture between Evans Property Group and Lendlease.

Phases one and two of the development, were completed in 2009 and 2017.

Paul Millington, finance director at Evans Property Group, said: “Our partnership with Hungate Regeneration has proved incredibly successful in delivering much needed housing options in York.

“NatWest has been instrumental in supporting the development, and we look forward to continuing to work with the bank’s team.”

Richard Cook, head of residential Lendlease Europe, said: “We’re creating over 1,000 new homes in total at Hungate, in addition to new commercial space, public places and new walkways, set amongst the city’s impressive heritage.

“Our aim is to deliver a truly sustainable community that makes best use of the final area of brownfield land within the city walls, while meeting the ever-growing need for new homes in the area. Funding for this third phase is a positive step towards realising our vision.”

Jonathan Ellis, NatWest Real Estate finance director, added: “This funding reflects the consistent and sustainable approach NatWest has to providing real estate finance. The Hungate Development has been beneficial to hundreds of residents and to the prosperity of York.”