Apache Capital Partners has secured a £118m debt facility from Goldman Sachs to construct Birmingham’s tallest residential building, as it accelerates delivery of its build-to-rent pipeline with Moda Living. The 4.5-year facility includes a 12-month extension option. Goldman Sachs is a significant global investor in the US and European rented residential markets and the transaction marks its’ first UK multifamily development loan.
Planning was granted for the 42-storey skyscraper at 212-223 Broad Street, Birmingham in December 2017. Future residents will be within walking distance of the city centre and new HS2 terminal, with Broad Street and the surrounding area also undergoing massive regeneration. A three-storey podium with a rooftop running track, the first in a UK residential development, will also house an additional 35,000 sq. ft. of retail and commercial space.
The £184m GDV scheme is being delivered by Apache Capital Partners and Moda Living, an owner, developer and operator of private rented housing.