Apache Capital Partners and Moda Living have agreed £85m of senior debt financing for Angel Gardens, their 34-storey PRS tower in Manchester.
The facility, agreed with pbb Deutsche Pfandbriefbank, has a four-year term to facilitate the construction period, which will automatically convert into an investment loan for the remainder of the term.
Completion of the 466-home building is expected to be in two phases between 2019 and 2020. The scheme is part of the wider NOMA masterplan, the 20-acre mixed-use strategic regeneration project opposite Manchester Victoria. The £153m Angel Gardens development covers 520,000 sq ft.
Angel Gardens will be the first PRS scheme delivered by Apache Capital’s joint venture with Moda Living. The joint venture, created in May 2015, has to date secured a £1bn PRS development pipeline comprising 5,000 homes for rent, located in eight city centre sites across the UK’s major regional cities and the South East including London. The joint venture will retain ownership of the property and operate it to ensure the creation of a genuine long-term community and investment platform.
Each building will feature dedicated social and work spaces as well as communal facilities and services, including a cinema room, restaurants, retail units, a gym and outdoor areas.
Apache was advised by Savills Corporate Finance and CBRE.