Precede Capital is providing a £188 million five-year whole-loan facility to a joint venture between Apache Capital, Harrison Street and NFU Mutual. The loan represents Precede Capital’s second since announcing its partnership with QuadReal Property Group (“QuadReal”). The facility will be used to finance the development of Great Charles Street, a £302 million BTR development in Birmingham City Centre that will be developed, managed and operated by Moda Living.
The debt funding forms part of the overall funding package for Great Charles Street, with equity being provided by Harrison Street, Apache Capital and NFU Mutual. It is the largest regional BTR funding deal completed in the UK.
Consisting of 722 residential BTR apartments spread across three blocks, the units will range from spacious one-bedroom apartments to three-bedroom apartments with exclusive views over one of Birmingham’s oldest districts, The Jewellery Quarter. Amenities will include a 24-hour concierge, cinema, residents’ lounges, co-working spaces and a gym, as well as over 20,000 square feet of commercial space targeted at local and independent businesses.