Investor backs Middlewood Locks with £112m funding
RBC Real Estate Capital Partners is to provide PRS brand Get Living with a combined £112m in term and development financing for its part of the Middlewood Locks scheme in Salford.
The funding is split across two phases of Get Living’s recently acquired Middlewood Locks units – the first loan is secured by approximately 275 flats in a recently delivered phase of development, while the second loan will finance the forward-funding of around 550 flats.
Middlewood Locks represents Get Living’s first acquisition in Manchester, contributing to the brand’s ambition to grow a 12,500-strong portfolio. Get Living is owned by DOOR, a joint venture between Oxford Properties and Delancey advised client fund DV4; Dutch pension fund APG; and Qatari Diar. It is aiming to have close to 3,000 operational homes across the UK by the end of 2019.
RBC Real Estate Capital Partners is part of RBC Capital Markets, a provider of debt capital to premier real estate owners and sponsors. RBC acted as sole arranger and lender in the financing.
The wider 24.5-acre Middlewood Locks scheme is being delivered by Scarborough International Properties and FairBriar International. Contractor BCEGI has this year been appointed to deliver a further 550 apartments, following the completion in 2018 of a 570-apartment first phase, which has now signed its first retail and leisure tenants in Sainsbury’s and Seven Brothers. The site as a whole is to see 2,215 homes and 900,000 sq ft of commercial space built out.