Leading global investment firm Goldman Sachs are set to fund the development of an incredible new 42-storey project set to transform the Birmingham skyline. The announcement will see Goldman Sachs provide £118m debt facility to fund the construction work – which Moda Living (Caddick Group) and Apache Capital have both brought forward in a joint-venture.

The deal marks Goldman Sachs’ first UK build-to-rent development loan.
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Johnny Caddick, Managing Director at Moda Living – and speaker at our Yorkshire Development Conference set to be held in Leeds this June, said: “To have Goldman Sachs provide bank debt alongside our institutional investors Harrison Street and the NFU helps underline our objective of providing a best-in-class rental product across the UK. We’re excited to get started on our tallest scheme to date and the funding is a massive vote of confidence for quality build-to-rent.”

The project itself is taking place at Broad Street in Birmingham – situated in an incredibly well placed city centre located just a short walk from the new HS2 railway station. The development will include:

  • 438 apartments for rent
  • 42-storeys in height
  • 200m rooftop running track
  • Shared lounges
  • Dedicated health and wellness zones
  • Virtual sports simulators
  • Dining club – featuring a demonstration kitchen
  • 250 co-working spaces
  • Private meeting rooms
  • Gym with studio classes

Speaking of their involvement in the scheme Chris Semones, of Goldman Sachs, said: “This transaction continues our originate-to-hold strategy for large loans against high quality projects with excellent sponsorship, strong market fundamentals and resilient cash flows.”

 

Come and hear about the future schemes Caddick Group and Moda Living are working on at our next event in Leeds!

Click here to register > 
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