Precede Capital Partners has announced the funding of a £20.8 million syndicated bridge loan to Broad Street Real Estate with co-lender Firma Partners, to fund the acquisition and fit-out of Barclay House, a centrally located office in Manchester set to be converted into residential use.

The scheme will deliver 94 high-quality residential apartments, with amenities including a gym, spin studio, cinema, lounge and private dining room. The apartments will be operated by Prime Living, the sponsor’s in-house management platform, and are targeted at young professionals and students.

Barclay House is ideally situated close to Oxford Road station, within walking distance of Spinningfields, Deansgate and both of Manchester’s major universities, making it perfectly suited for its target market.

This is the third bridging loan provided through Precede Capital’s funding partnership with LCM Partners, a leading European private credit manager with strong ESG credentials that align with Precede’s own purpose-driven approach to lending and B-corp certification. In October last year, we announced a bridging loan of up to £23 million to fund the post-development phase of the Chiswick Green development in West London. In April this year, we provided a bridging loan of £6.3m to Alumno to fund the acquisition of a fully consented site to develop 191 PBSA beds in Edinburgh.

Randeesh Sandhu, Co-founder and CEO at Precede Capital, said: “We are delighted to support Broad Street Real Estate on this well-located and thoughtfully designed scheme. Barclay House aligns with our strategy of backing experienced sponsors delivering high-quality, amenity-rich rental housing in key UK cities.”