A new £30 million funding deal has been agreed to finance the development of a 28-storey apartment tower in Birmingham city centre.
London-based Fortwell Capital, which specialises in lending to developers and investors in the UK real estate sector, has provided the loan to Essex Street (Properties) for its project at the corner of A38 Bristol Street and Essex Street.
Historic buildings on the site will be demolished and replaced with 154 apartments for sale in a complex called ‘South Central’ which was given the green light by city planners in October.
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The team leading the scheme also worked on The Bank in Broad Street, comprising 406 apartments across two towers of 22 and 33 storeys respectively, which completed early last year.
Contractor Wates Group built The Bank and is also leading the new South Central development.
Fortwell Capital’s associate director Nick White said: “The loan represents an opportunity to support the delivery of a first-class residential development in a key commercial area.
“The team behind South Central has a clear vision for the scheme, underpinned by their development expertise and understanding of the evolving demands of the local market.
“It’s an exciting time to be lending into Birmingham on schemes like South Central which offers a range of exceptional accommodation aligned with the long-term growth prospects of the city.”
Mark Holbeche, director of Essex Street (Properties), added: “Birmingham’s development landscape is shifting towards true city living and the funding from Fortwell will enable our team to continue to play a key role in this shift.
“Now we turn our focus to bringing another new residential landmark to the heart of Birmingham and welcoming Fortwell’s expertise to support the delivery of our vision.
“We also look ahead to bringing a pipeline of further exemplary schemes to the Birmingham marketplace.”
Lexi Finance conducted the tendering process on the behalf of the developer and structured the loan facility.