Gresham House and Leumi UK agree loan for Spinners Yard BTR

Gresham House and Leumi UK agree a £22m loan for the Spinners Yard Build to Rent development in the Mabgate area of Leeds.

Gresham House has backed the development of Leumi UK's Spinners Yard development in Leeds with a loan | Clegg Construction | Rise Homes | BTR News
Gresham House has backed the development of Leumi UK's Spinners Yard development in Leeds with a loan.

Alternative asset manager Gresham House has agreed a £22m loan with specialist lender Leumi UK to fund the development of the Spinners Yard Build to Rent development.

Delivered by Clegg Construction and Gresham House-backed Build to Rent development business Rise Homes, the 185-unit Leeds-based scheme is set to deliver 185 reasonably priced one-, two- and three-bedroom flats and residential amenities including a gym, lounge area and rooftop garden.

It is also being supported by grant funding from West Yorkshire Combined Authority via its Brownfield Housing Fund, which supports new housing developments on brownfield sites that have been vacant for long periods.

“This development will make a real impact, providing much-needed affordable and well-fitted rental accommodation in Leeds, so we are delighted to have agreed this loan with Leumi UK to support the Spinners Yard project. It is also fantastic to have support from West Yorkshire Combined Authority for the project. As interest in Build to Rent housing from institutional investors continues to grow, we look forward to supporting further exciting projects and playing our part in addressing the challenges facing renters up and down the country.”

Joe Thomas, Investment Director, Gresham House

Regenerating brownfield land in the Mabgate area of Leeds city centre, the Spinners Yard development also aligns with Gresham House’s commitment to supporting the provision of sustainable housing. Spinners Yard is the first in the city to have a private landlord supplying hot water and heating to each flat using a Leeds Council waste plant.

This is the second loan that Gresham House has agreed with Leumi, after previously agreeing a facility to support the 229-unit Ironworks Build to Rent development in Sheffield, which reached practical completion in August 2023.

“We are pleased to build on our previous experience working with Gresham House with this loan, which will support a truly impactful project in Leeds. Gresham House’s expertise and experience in the Build to Rent space makes it a natural partner for Leumi, and we look forward to seeing the completion of this much-needed development.”

Gez O’Sullivan, Relationship Director, Leumi UK

Gresham House currently has a portfolio of around 1,000 mid-market Build to Rent homes in regional cities and is continuing to expand its operations in the sector.