RBC Real Estate Capital Partners, part of RBC Capital Markets, will provide UK PRS specialist Get Living c.€130m (£112m) financing for Middlewood Locks scheme in Manchester. The new facilities are split across two phases of Get Living’s recently acquired Middlewood Locks scheme. The first loan is secured by approximately 275 flats in Phase I of the scheme which have been recently delivered, while the second loan will finance the forward funding of around 550 flats in Phase II.
Middlewood Locks represents Get Living’s first acquisition in Manchester and will contribute to Get Living’s ambition to grow the portfolio to more than 12,500 homes. Get Living, which is ultimately owned by DOOR (a joint venture between Oxford Properties and Delancey advised client fund DV4), Dutch pension fund APG, and Qatari Diar, will have close to 3,000 operational homes across the UK by the end of 2019.
RBC Real Estate Capital Partners is a leading provider of debt capital to premier real estate owners and sponsors. The group’s mandate includes the origination of mortgage and mezzanine loans secured by stabilized and transitional real estate assets, in all major commercial real estate product types, in the US, Europe and Australia. RBC acted as sole arranger and lender in the financing.