Apache Capital said the debt facility from LaSalle will be used to fund the New York Square development, a £150m 515-apartment scheme in Leeds city centre.
Apache Capital said the four-year development loan from LaSalle is the firm’s fourth debt financing deal with Apache Capital, bringing the total sum lent across Apache Capital’s different investment platforms to over £250m.
John Dunkerley, co-founder and CEO at Apache Capital said: “With equity commitments from Harrison Street and NFU Mutual our multifamily housing platform remains the UK’s largest privately funded.”
Dunkerley said these developments are long-term investments that sit perfectly within the company’s build-to-core strategy.
“We expect lenders to increase their exposure to BTR as a demographically and structurally supported asset class with defensive, counter-cyclical qualities.”
Johnny Caddick, managing director at Moda Living and director at Caddick Group, said: “Given the current political climate it is important that people share in the confidence we have in the UK BTR market.
“The regions provide a great opportunity for growth and we are continuing to expand our platform. LaSalle have been a fantastic partner to work with on multiple Moda projects and we are excited about future opportunities and our long-term working relationship with them.”
Daniel Pottorff, managing director of debt investments and special situations at LaSalle: “This is our fourth debt financing deal with Apache Capital Partners, having lent across their multifamily, purpose-built student accommodation and later living platforms.
“New York Square will set new benchmarks in the Leeds market and we are pleased to support its development.”