Devonshires act for Sage Housing on the Property Charging and Regulatory Aspects of its £220million CMBS transaction

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.

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