(Ecofin Agency) - South African fund manager Vantage Capital announced it has arranged R430 million ($28 million) of mezzanine financing for the development of Seaton Estates. The latter is a residential project in the northern Kwazulu-Natal province of South Africa.

The deal is the first investment by Vantage Capital's 4th mezzanine fund, which raised nearly $207 million for its first closing last July. It is also the company’s 32nd investment since it began operations in 2001. “We are delighted to be able to help build back confidence in the region by making our first mezzanine investment of Vantage’s fourth fund into this wonderful project, which will generate hundreds of jobs over its seven-year construction period,” said CEO Luc Albinski.

The Seaton Estates was initiated by the residential arm of The Collins Group -a diversified group that operates in real estate, hospitality, and agriculture both in South Africa and internationally.