Apache Capital Partners have secured £96m from LaSalle investment Management. Part of their joint venture with Moda living, this will fund a £150m city centre Build to Rent (BTR) development.
In mid 2023, the four-year development loan from LaSalle will fund the construction and stabilisation of New York Square.
The 515-home scheme is one of seven within the multifamily housing platform created by Apache Capital, along with Harrison Street Real Estate and NFU Mutual.
New York Square will consist of a 24-hour concierge, flexible workspaces, communal lounges and health and wellbeing facilities. Apache Capital and Moda Living are raising the standards of renting by providing a tech-enabled, hotel-style service along with a variety of on-site amenities.
To date, this is LaSalle’s biggest UK BTR development loan and it’s the company’s fourth debt financing deal with Apache Capital.