£80m debt facility from BentallGreenOak to fund construction of Apache & Moda’s landmark Glasgow build-to-rent scheme
Apache Capital Partners and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, have secured £80m debt funding to finance the construction of Moda Living’s build-to-rent neighbourhood on the site of the former Strathclyde Police headquarters in central Glasgow.
Named Holland Park, the 433-home development is the fifth investment to be brought forward in the Apache Capital and Harrison Street joint venture and will be developed and operated for the long term by Moda Living.
The four-year debt facility provided by BentallGreenOak will fund the construction and stabilisation of Holland Park. Start on-site for the first phase is due shortly, with completion expected in late 2023. Demolition work is expected to be complete in March 2021.
Prior to providing construction financing for Holland Park, BentallGreenOak had helped fund a number of site acquisitions by Apache Capital in core cities across England and Scotland. The company has also previously provided construction financing for Harrison Street and Torsion Developments’ 290-studio student accommodation scheme in Birmingham.
As well as creating new homes, Holland Park will provide 15,000 sq. ft. of internal amenities, including communal lounges and health and well-being zones. A further 31,000 sq. ft. of outdoor amenity space will be provided, with the four apartment buildings that form Holland Park to be set around a courtyard open to the wider public during the day. Residents will also have access to landscaped terraces overlooking the Glasgow skyline, while mixed commercial and leisure space will be provided on the ground floor, including cafes, bars, restaurants and co-working facilities.
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