Eldridge Real Estate Credit, the real estate lending division of Todd Boehly’s investment firm, has lent £146M to student and coliving developer Vita for a big new project in Manchester, a transaction that means the two parties have done more than £1B of financings together.

The latest transaction is a senior development loan for Vita Student First Street, an 861-bed, 170K SF student scheme in Manchester’s First Street regeneration area.

Construction of the project has already started and has Building Safety Act approval, Vita said. Completion is targeted for June 2028, ahead of the 2028-2029 academic year. Vita’s Manchester student projects have an occupancy rate of 95% to 99%.

Since 2020, Eldridge and Vita have partnered on 10 developments across student accommodation and coliving, which has created more than 7,500 beds across the UK and Spain. That totals £1.1B of debt on assets that Vita develops and operates.

Eldridge Real Estate Credit has written about $10B (£7.6B) of loans in the U.S., UK and Europe, including term, construction, transitional and special situation debt across the capital stack.

Until June, it was part of Cain International, but that company has restructured, with Cain, co-owned by Chelsea part-owner Boehly and Jonathan Goldstein, doing equity and Boehly’s Eldridge doing debt.

Eldridge has about $70B in assets under management that consist of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management focuses on four investment strategies — diversified credit, general partner solutions, real estate credit, and sports and entertainment.

In the UK, earlier this month, Eldridge provided a loan to Mago Capital to fund the £150M purchase of the Notting Hill Estate in west London.