£41.2m – Acquisition and Development of a New BTR Tower Comprising 272 Apartments in Manchester (August 2022)

Our client had successfully secured planning on a site they owned in the Manchester area. Development finance was sought to develop a 25-storey tower with 252 residential units which were to be help as a long term BTR/PRS investment. The facility was obtained for 36 months to include a letting and stabilisation period. The facility available was at c90% LTC and 75% LTGDV.