Lloyds Bank Commercial Banking has provided a three-year, £17.8m loan to Aprirose to help forward fund a 22-storey residential scheme in central Birmingham.
Left Bank, which is being developed by Regal Property Group, is expected to deliver more than 200 luxury flats for rent on Broad Street.
The development is the first stand-alone PRS scheme that Lloyds has supported and follows previous deals for mixed-use projects, including Quintain’s Wembley Park and Canary Wharf’s Wood Wharf.
Left Bank will be Birmingham’s tallest residential building when it completes in 2019.
A second 31-storey tower on the site, which will include a further 200 PRS homes, was granted planning permission in March.
Aprirose chief operating officer Gary Jones said: “This is our first large-scale UK residential project and we are excited to be delivering such a strong product into the heart of Birmingham during a period of significant growth for the city. Lloyds Bank has supported many of our major investments and projects over the years and so we are pleased to secure their partnership once again for what is one of our most significant developments.”
Selina Dicker, director at Lloyds Bank Commercial Real Estate, added: “New housing is critical for Birmingham as it absorbs the thousands of new jobs being created by big moves to the city by HSBC and HMRC. Our facility will help provide a major boost by delivering Left Bank.”
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