Aldermore provides £10m loan to Russell Armer Homes for Kendal housing development
Aldermore has provided a £10.7m loan to Russell Armer Homes to deliver a housing development in Kendal. The Meadow Rigg site is located on the northern edge of Kendal, which is at the southern edge of the Lake District in Cumbria. The development is another joint venture between Russell Armer Homes and the Housing Growth Partnership (HGP), where Russell Armer is one of Housing Growth Partnership’s first partners to be supported under the new Regional Growth Initiative.
The development is being delivered in three phases and will comprise of 157 homes in total. These will be a mixture of homes including a small number of one and two bedroom apartments, with the majority being two, three and four bedroom houses. Two of the Russell Armer Homes developed sites over the last four years have been in Kendal, and HGP have partnered with parent company Genesis Homes on seven developments to date.
David Whitehouse, property development manager at Aldermore said: “It’s been fantastic working with two such professional teams in Russell Armer Homes and Housing Growth Partnership to deliver a loan structure that works for all parties.”
Iain Bryson, head of development and specialist property at Aldermore, said: “We’re delighted to be working with Russell Armer Homes and Housing Growth Partnership to support delivering this exciting development, which will provide 157 high quality and much needed homes for the area.”
Nicky Gordon, managing director of Russell Armer Homes, said: “We are extremely thankful for the support of Aldermore and the Housing Growth Partnership to help us deliver a project which represents the company’s largest single development and we’re very excited to be providing much needed, high quality new homes to the area.”
Russell Armer Homes was established in 1961 and was acquired in April 2021 by rapidly expanding house builder Genesis Homes, which was founded in 2017 by Nicky Gordon. Nicky has many years of experience in the housebuilding sector and ambition to grow and quickly become one of the region’s leading housebuilders. Genesis Homes now delivers in excess of 100 new homes per annum. In 2019, the company was recognised for awards in the region including ‘Best new business’ at the In Cumbria awards. It was also nominated in the ‘Best newcomer’ category at the 2021 RESI Awards.