£3.5m pre-development bridge loan to acquire site with planning for 237 build-to-rent apartments in Manchester city centre.
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Loan: Pre-Development Bridge
Sector: Build-to-rent
Amount: £3,500,000
Location: Northwest England
Status: Live
Initial Deal: April 2022
Puma Property Finance has completed a £3.5 million loan to finance the acquisition of a site with planning for 237 build-to-rent apartments with ground-floor commercial located in Manchester city centre, with a view to funding the eventual development of a circa £80 million GDV scheme led by a repeat sponsor.
The completed development will be the second build-to-rent scheme that the sponsor has developed in Manchester, and will host a range of 1, 2 and 3-bedroom apartments. The scheme is scheduled for completion in 2026, and will help satisfy the significant demand that there currently is for rental properties in Manchester’s city centre.
