Apache Capital agrees £58.5m debt financing with LaSalle
Apache Capital Partners has secured a new £58.5m debt facility with LaSalle Investment Management to fund its build-to-rent scheme The Lexington in Liverpool.
The four-year senior debt facility, which has an option to extend for two years, is backed by LaSalle’s Residential Finance III fund, which launched in 2017.
The Lexington (pictured) is a £90m premium build-to-rent development that will be delivered by Moda Living. It is expected to reach practical completion in H2 2021.
Apache Capital Partners has secured a new £58.5m debt facility with LaSalle Investment Management to fund its build-to-rent scheme The Lexington in Liverpool.
The four-year senior debt facility, which has an option to extend for two years, is backed by LaSalle’s Residential Finance III fund, which launched in 2017.
The Lexington (pictured) is a £90m premium build-to-rent development that will be delivered by Moda Living. It is expected to reach practical completion in H2 2021.
The scheme is one of the largest single investments into Liverpool’s property market in recent years.
The news comes a week after Apache announced a new joint venture with Harrison Street Real Estate Capital that will fund up to seven premium build-to-rent schemes across England and Scotland including The Lexington.
The financing is the third debt facility agreement between Apache and LaSalle. The other deals comprise loans across student accommodation and senior living.
Richard Jackson, co-founder and managing director of Apache, said: “We secured this new £58.5m debt with LaSalle, following strong and growing appetite that we continue to see from international and domestic banks, institutions and funds for our growing build-to-rent portfolio, which is already one of the UK’s largest, valued at £2bn with 6,000 apartments.
“Through our social infrastructure and build-to-rent platforms, Apache is one of the first private investment managers actively owning, developing and operating assets within the alternative sectors.
“This is our third loan with LaSalle and we now have debt facilities across our BTR, student and senior living sectors, with appetite continuing to grow for our strategy of investing into long-term demographic trends.
“This financing, our second build-to-rent asset on which we have secured debt, provides funding diversification and underlines our jv team’s in-house expertise and the superior specification and amenities and services of this landmark scheme.”
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