Barings Real Estate Advisers is supporting a build-to-rent (BTR) residential project in the Northwest of England with a £34.7m (€38.9m) loan.
The 42-month facility has allowed US firm Atlas Residential and IP Investment Management (IPIM) to buy the £55m waterfront private rented sector development site in MediaCityUK in Salford, Greater Manchester.
In September last year, Atlas Residential and Singaporean asset manager IPIM agreed to forward-fund the BTR scheme. The pair bought the waterfront development site in the broadcasting district from Peel Land & Property.
The proposed development will consist of 238 residential build-to-rent units totalling 148,240 sqft as well as 3,907 sqft of ground floor retail space, and is the fifth private rented sector property financed by Barings in the last six months.
Chris Bates, the head of core mortgage Europe at Barings said: “This well-located scheme acquired by a high quality commercial partnership between Atlas Residential and IPIM highlights our appetite to provide development finance to well-structured deals in strong markets.
“It also represents our latest build to rent funding transaction and extends our experience of lending to ‘bed-based’ segments of real estate following a number of deals in the student accommodations and hotel space.”