Investment firm Long Harbour's Project Edsel has won the best alternative deal structure for its innovative finance package at the 2013 Partnership Awards.
The affordable housing scheme covers two sites in Barking: the Eastern end of the Thames View scheme and the William Street Quarter, together comprising 477 new homes that deliver affordable housing financed by the private sector, with the local authority as landlord.
This is being achieved through a tripartite deal between Long Harbour acting as financier, Laing O’Rourke as building contractor and the London Borough of Barking and Dagenham developing the homes through its Local Education Partnership (LEP).
Judges singled out the scheme for "unlocking a new source of funding for much needed affordable housing in the UK that will not impact on taxpayers".
Andrew Sivess, group manager of innovation and funding at London Borough of Barking and Dagenham, said; "We are pleased to have won this award as a party to the consortium which is testament to the attitudes of all parties involved.
"Inception to financial close took only nine months and we now look forward to delivery of the first phase at Eastern end of Thames View in the final quarter of 2013; a remarkable achievement in these capital restricted times, considering financial close was effected in February of last year.
"'Real houses for real people' is a fundamental responsibility of the borough. We commend Long Harbour and Laing O’Rourke for their true partnering approach, which is evident from the success of this project."
The awards were presented during a ceremony at the Park Plaza hotel near Westminster Bridge in London.
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