UK residential development financier Urban Exposure has completed a further £66.9m (€77.9m) loan for a residential development.
Urban Exposure said it has provided Galliard Group with the loan for a mixed-use residential and commercial development at Timber Yard in central Birmingham.
Urban Exposure confirmed that the loan, which was signed in the fourth quarter of last year, formed part of the £522m of new loans previously announced.
Timber Yard is a mixed-use scheme. Planning permission is in place for 379 one, two and three-bedroom apartments and 6,257sqft of commercial space at ground floor level on a 1.58-acre site.
Randeesh Sandhu, the CEO of Urban Exposure, said the company has provided £110m of funding for projects in Birmingham so far.
“We have a strong pipeline of projects and look forward to announcing further developments in the region in the coming months,” Sandhu said.
Jonathan Morgan, director of investment and developments at Galliard Homes, said: “This is Galliard’s first construction start in the city from a wider portfolio and we are pleased to now be in the delivery phase of this pipeline.
“We have been particularly impressed with Urban Exposure’s approach to meeting our funding requirements and look forward to their continued support as we launch further developments in the future.”
