BentallGreenOak has provided a £157m loan for Moda Living’s build-to-rent scheme in Brighton.
The scheme is the first from Apache Capital and KKR’s £1.7bn prime city centre strategy, agreed last month.
The £260m development on Sackville Road comprises 564 BTR flats, 260 later living flats and 50,000 sq ft of office space. The facility will fund the construction and stabilisation of the BTR homes. Works have commenced on site, and are expected to complete in early 2024.
BentallGreenOak’s commitment follows an £80m facility for Moda and Apache’s Holland Park development and backing for Moda and KKR’s £120m Edgbaston scheme. The lender has also helped Apache Capital finance a number of site acquisitions.
Jim Blakemore, managing partner and global head of debt at BentallGreenOak, said: “Covid-19 demonstrated the resilience of build-to-rent relative to other asset classes, and we continue to see further opportunities in the living sectors and a unique opening for non-traditional lenders such as ourselves to step in and provide funding that will help unlock much-needed new housing.”
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