LaSalle Investment Management has lent £96m to a Leeds build-to-rent scheme, its biggest loan to the burgeoning UK BTR sector to date.
Apache Capital Partners has secured the debt facility to fund a £150m city centre development as part of its joint venture with Moda Living.
The 515-home scheme, named New York Square, is one of seven that sits in the multifamily housing platform created by Apache Capital with Harrison Street Real Estate and NFU Mutual. Two of the other schemes in the platform, which is the UK’s largest privately funded platform, are already under construction.
The four-year development loan from LaSalle will mature in mid-2023 and will fund the construction and stabilisation of New York Square.
The deal is LaSalle’s fourth debt financing deal with Apache Capital, bringing the total sum lent across Apache Capital’s investment platforms to more than £250m.
Johnny Caddick, managing director at Moda Living and director at Caddick Group, said: “Given the current political climate, it is important that people share in the confidence we have in the UK BTR market. The regions provide a great opportunity for growth and we are continuing to expand our platform.”
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