A trio of lenders have provided a £251m senior development loan for Moda Living’s first build-to-rent scheme in London at Nine Elms, SW8.
Funds managed by Carlyle and Apollo and alternative lender Précis Capital have backed the 467-home scheme at Embassy Boulevard, the final parcel of the Royal Mail site.
London Square, backed by Ares Management, paid £111.2m for the consented three-acre site last year, and agreed a partnership for Moda to develop and manage the BTR homes.
The five-year loan will support construction, with the set to be delivered by London Square in Q2 2025. This is the second deal from Carlyle, Apollo and Précis Capital, following a £76m loan for Great Marlborough Estates’ Empire House in Chiswick, W4.
Carlyle’s global credit division and Précis said their new partnership will seek further opportunities to tackle the “acute long-term structural undersupply” of housing in the UK.
Carlyle has already invested $1bn in residential housing across 15 developments since 2019. Précis Capital was established in 2021 with backing from TowerBrook Capital Partners by the former bosses of Urban Exposure, with plans to provide up to £1bn a year in residential lending.
Taj Sidhu, head of Carlyle’s European credit opportunities advisory team, said the division seeks to “identify further opportunities in the growing UK residential financing market together with Précis Capital”.
Précis Capital was advised on the partnership by Addleshaw Goddard, and on the transaction by Eversheds Sutherland, Dalbergia and the BNP Paribas valuation team.
To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews
