Cortland and Madison JV secures Colliers Yard BTR debt facility

Funding the Colliers Yard Build to Rent scheme in Manchester, the Cortland and Madison joint venture has received a debt facility.

Cortland at Colliers Yard Build to Rent building in Salford, Manchester - Renaker | BTR News
Cortland at Colliers Yard.

Build to Rent real estate investment, development and management company Cortland and its joint venture partner real estate private equity firm Madison International Realty have secured a £130m debt facility for the Colliers Yard Build to Rent scheme in Salford, Manchester. Cortland was advised by Jones Day and Cushman and Wakefield acted as agent.

The transaction represents one of the single largest debt transactions to be executed in the UK this year. The loan facility will be allocated to Cortland for the Colliers Yard development, which opens in October 2023.

The new Build to Rent scheme will deliver 559 new homes – a mix of one-, two-, and three-bedroom homes. Amenities include several resident lounges, a games room, fitness centre and co-working spaces.

“This deal demonstrates our ability to transact at all points in the economic cycle. It is testament to the growing strength of our brand, customer offer and our ability to deliver schemes in strategic locations throughout the UK.”

Victoria Quinlan, President – Europe, Cortland

This debt facility has been provided by a global investment manager who has worked in partnership with Cortland to support the company’s mission to bring resident-centric living to the UK. In-line with the company’s ambitious growth strategy, this transaction allows Cortland to grow its footprint in the UK by acquiring Build to Rent assets in key regional locations.

“We believe this transaction demonstrates the ability of strong residential projects to attract debt in a challenging macroeconomic environment. The Manchester residential market continues to benefit from a significant supply/demand imbalance and this facility will help us and our partners deliver much needed rental product at the premium end of the market where there is an acute shortage of high quality, highly amenitised space.”

Alex Lukesch, Head of European Investments, Madison International Realty

Headquartered in Atlanta, Cortland is a vertically integrated, multifamily real estate investment, development, and management company focused on delivering resident-centric, hospitality-driven apartment living experiences.