Real estate development lending platform Précis Capital Partners, Carlyle and Apollo Global Management have provided a £251m (€292m) loan facility to finance Moda Living’s UK build-to-rent scheme.
The facility will be used to finance Embassy Boulevard, a 467-home scheme in Nine Elms, London scheduled to be delivered in the second quarter of 2025.
The three funders – Précis Capital, with funds and accounts managed by Carlyle’s global credit segment and Apollo managed funds – previously provided a £76m three-year whole-loan facility in October last year to CHR London, a joint venture between Great Marlborough Estates and Tophill Development, secured against 408-430 Chiswick High Road.
Précis Capital said the deals are part of a funding partnership it has created with investment firm Carlyle to finance UK residential development loans.
Randeesh Sandhu, CEO and co-founder of Précis Capital, said: “The inaugural two loans extended through our partnership with Carlyle, both in collaboration with Apollo, demonstrate the kind of complex and large-scale financings we can provide to high-calibre borrowers.”
This partnership supports Carlyle’s global credit arm’s investments in residential housing which, since 2019, have invested more than $1bn (€864m) in 15 different new residential developments.
Taj Sidhu, the head of Carlyle’s European credit opportunities advisory team, said: “We are delighted to partner with Précis Capital to invest in the Embassy Boulevard development, a high-quality asset well situated in the heart of London.
Ben Eppley, partner and head of European commercial real estate debt at Apollo, said: “We were pleased to work with two strong capital partners in Précis Capital and Carlyle to provide senior financing for Embassy Boulevard, which will be a welcome addition to Nine Elms.”
Johnny Caddick, CEO at Moda Living, said: “This will be our first development in London, and the site alongside the new US Embassy in such a landmark regeneration area is the perfect place for our flagship scheme.”
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