Barings Real Estate Advisers has given its backing to the Manchester build-to-rent market with a £35m loan to fund Atlas Residential and IP Investment
The proposed £55m development will consist of 238 residential build-to-rent units totalling 148,240 sq ft as well as 3,907 sq ft of ground floor retail space, and is the fifth BTR property financed by Barings in the last six months.
The 42-month facility has allowed Atlas Residential and IP Investment Management to acquire the site within MediaCityUK, the international mixed-use hub where tenants include BBC North, ITV, Coronation Street, SIS LIVE, the University of Salford and dock10.
Chris Bates, head of core mortgage Europe at Barings, said, “This well-located scheme acquired by a high quality commercial partnership between Atlas Residential and IP Investment Management 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.”