Funding team behind £25m Lace Market apartment scheme revealed
A private rented sector (PRS) scheme in Nottingham’s historic Lace Market area has reached completion.
Developed by Edmond de Rothschild Real Estate Investment Management (REIM), Lace Market Quarter comprises a mix of renovated Grade II-listed buildings and new builds.
The property, which is now valued at £25m, includes 117 units of studios and one- and two-bedroom apartments across four buildings. The build-to-rent development extends to five storeys at its highest point, with apartments spread across six levels including a lower ground floor.
The scheme was funded by a team led by Matthew-Blaine Young, head of origination, and Barry Gorton, senior relationship director at STB Real Estate Finance. With the facility running until 2027, it now allows Edmond de Rothschild REIM to hold the property for investment.
Young said: “This five-year development to investment facility marks the fifth of eight property loans provided by STB Real Estate Finance to Edmond de Rothschild REIM since 2019. Our strong, ongoing working relationship has proved to be exceptionally successful over the past five years.”
Gorton said: “Alongside our own efforts, Edmond de Rothschild REIM’s development expertise was key to executing a relatively complex scheme. We are delighted to have got this deal over the line and to see the redevelopment of a stunning set of contemporary apartments reach completion.”
James Whidborne, fund manager at Edmond de Rothschild REIM, added: “We are proud to have brought another development to this fantastic city. This latest deal reflects our enthusiasm for Nottingham in terms of the city’s demographics, local economy, and affordability of new housing.
“With demand for living space growing in Nottingham, it is crucial that developments like the Lace Market Quarter apartments provide convenient living accommodation to residents.
“We knew from the start that this deal was in the right hands given the STB team’s expertise in property development finance. Their ability to provide a tailored approach to a complex deal is what really makes them a relationship-led bank, and we look forward to working again with them in the near future.”
