The housing association secured the debt funding from lender Danske Bank UK and intends to use it to help it deliver 1,260 affordable homes across Greater Manchester for social and affordable rent.
Around 260 of the planned units are already on site or have planning approval, and a further 1,000 are in Irwell Valley Homes’ future pipeline development programme, the association said.
The funding will also go towards improving and expanding Irwell Valley’s existing homes and estates, including Sale West in Trafford, where work to build 79 new homes for social rent has begun, kicking off a £50m regeneration programme planned for the estate over the next five years.
The £11m first phase of the AEW Architects-designed Sale West masterplan received planning approval last June.
Meanwhile, crucial fire safety works to several high-rise buildings in the housing association’s portfolio – such as replacement, fireproof cladding – will be completed over the next three years using the new financing package, Irwell Valley added.
The not-for-profit association provides homes and housing services for around 16,000 people across Greater Manchester.
Its executive director of finance and governance Helen Nicholson said: “It has never been more important for people to have a safe, decent home and the demand for affordable housing continues to rise. This funding will help us deliver our key strategic goal of building more homes to meet the growing needs of the communities we serve.
“Importantly, the terms agreed with Danske Bank will enable us to carry out fire remedial work on existing sites over the next few years.”
Financial advisor Centrus helped Irwell Valley arrange the financing.