Cheyne Capital has provided a £99.6m senior loan to Dorchester Living to refinance facilities and fund further infrastructure work at Heyford Park in Oxfordshire.
The site, managed by Dorchester Living since 2009, covers 1,231 acres and sits on a former US and RAF airbase.
Over 1,200 homes plus community and commercial facilities have already been built, with local amenities such as a school, hotel, pharmacy and supermarket in place.
The funding will support Dorchester Living’s new planning submission for 6,000 to 8,000 extra homes, with 30% set as affordable alongside assisted living and key worker housing.
The masterplan includes a new secondary school, three primary schools, a health hub, community centres, sports facilities, green space and new jobs for over 7,000 people.
The loan supports site connectivity and infrastructure, adding to transport links like proximity to Lower Heyford station and the M40.
The scheme aims to be the UK’s first energy-surplus town, with renewable power, low-carbon transport and energy efficient construction.
Dorchester Living was advised by Centrus Advisors on this transaction.
Theo Hajoglou at Cheyne Real Estate said: “We are proud to be part of Dorchester Living’s transformative regeneration scheme at Heyford Park, which is already making a meaningful impact on the local community.
“The team has a proven track record of delivering high-quality, sustainable communities and it’s already clear that Heyford Park is an environment where people want to live, work and thrive.
“We look forward to working with Dorchester Living to ensure this development sets the benchmark for regeneration excellence.”
Paul Silver, CEO of Dorchester Living said: “This is a major step for Heyford Park and a reflection of the long-term commitment we’ve made to the regeneration of this historic site.
“The new funding allows us to accelerate our investment in the infrastructure that supports a truly integrated community – one where homes, schools, employment and green space are delivered hand in hand.
“Sustainability is central to our approach and our focus is on creating a well-connected, future-ready development that delivers long-term value for residents, the environment and the wider Oxfordshire area.”
Scott Douglas, senior director and head of debt advisory at Centrus said: “We are delighted to have advised the team at Dorchester Living on the refinancing of Heyford Park with Cheyne.
“The refinancing will facilitate the next phase of development at one of the most exciting regeneration projects in the UK, including the build out of critical infrastructure as the Dorchester Living team continue to deliver their masterplan including an additional 6,000 – 8,000 new homes.
“Cheyne is the perfect financier for Heyford Park and has adopted a flexible and holistic approach to structure a debt solution that aligns with the business plan and vision for the site over the medium-to-long term.”
