£18.9m loan backs Birmingham residential scheme
Real estate development finance provider Maslow Capital has put together an £18.9m senior financing package for Merchant Square Capital’s 130-unit residential scheme in Birmingham.
The development is located in Digbeth’s regeneration area and within walking distance to The Custard Factory and Smithfield, and 10-minutes from the city centre.
The building will comprise one and two bedroom apartments with floor-to-ceiling windows.
Other features of the building include car and cycle parking, two landscaped courtyards and a roof terrace overlooking the city’s Southside district.
Contractor RGB will run the project in line with BREEAM building standards.
Adam Wass of Maslow Capital said: “Maslow Capital are delighted to be supporting Merchant Square Capital in what is sure to be a well-received addition to Birmingham’s skyline. Originating from Birmingham myself, it was great to play a part in the regeneration of this iconic area that is set to experience significant growth.”
Huw Wheeler, associate at Maslow Capital, added: “With the Digbeth area of Birmingham undergoing dramatic redevelopment, Maslow are thrilled to be able to assist Merchant Square Capital in providing 130 much needed homes for the thriving young professional population. The scheme will set a new benchmark for amenity, location, and specification, serving the demands of this emerging demographic.”
Haroon Bhatti, chief investment officer and founder at Merchant Square Capital, said: “We are absolutely delighted to have Maslow Capital as our senior funder for this development. As part of the Birmingham Big City Plan, the Digbeth area is going through an unprecedented transformation. Our development will substantially add to the aesthetic of the area as well as providing 130 high quality units, 74 of which are already sold. Merchant Square Capital’s ethos is in de-risking the development journey at every juncture and with Maslow Capital on board we are confident that this deal will be profitable for lenders, home purchasers and all others associated with this development.”
