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Barings Real Estate Advisers, part of Barings LLC, has agreed a £34.7M mortgage to fund a Salford Quays build-to-rent project, as Manchester's love affair with the BTR sector deepens.
The British Property Federations' BTR map shows 4,924 units under construction in the central area and Salford, with a further 4,084 already in the planning pipeline.
The 42-month facility has allowed Atlas Residential and IP Investment Management to acquire the £55M waterfront development site in MediaCityUK.
The proposed development will consist of 238 residential build-to-rent units totalling 148K SF, along with 42K SF of retail floorspace. This is the fifth PRS property financed by Barings in the last six months.
“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," Barings Real Estate Advisors Head of Core Mortgage Europe Chris Bates said.
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