We are delighted to have advised Sage Housing on the property charging and regulatory aspects of the first social housing commercial mortgage-backed securities (CMBS) on the market.
The funds from the issuance of the CMBS notes were advanced by the Issuer, Sage AR Funding no. 1 PLC, to a newly incorporated borrower, Sage Borrower AR1 Limited and then on lent to Sage Rented Limited (“SRL”). SRL is a for profit registered provider of social housing.
The Devonshires team was led by Andrew Cowan, Julian Barker and Saghar Roya.
