Apache Capital Partners has secured a £96m debt facility from LaSalle Investment Management to fund a £150m city centre build-to-rent development as part of their joint venture with Moda Living.
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 marks LaSalle’s biggest UK BTR development loan to date and is the firm’s the fourth debt financing deal with Apache Capital, bringing the total sum lent across Apache Capital’s different investment platforms to over £250m.
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, are already under construction. Apache Capital and Moda are looking to raise the bar for renting by providing tech-enabled, hotel-style service and a range of on-site amenities New York Square will include a 24-hour concierge, flexible working spaces, communal lounges and health and wellbeing facilities.