A funding package worth £18.9 million has been agreed to support development of a new residential project in Birmingham city centre.
Maslow Capital, the London-based specialist real estate finance provider, has arranged the loan facility for Merchant Square Capital's 130-unit scheme at the corner of Bradford Street and Alcester Street, in Digbeth.
The building, which will be constructed on a derelict industrial site, will contain a mix of one- and two-bedroom apartments, car and cycle parking, two landscaped courtyards and a roof terrace overlooking the city's Southside district.
The project has planning consent and existing buildings on the site have been demolished, with ground works now commencing. It is due to be completed in spring 2023.
Adam Wass, from the deal origination team at Maslow Capital, said: "We are delighted to be supporting Merchant Square Capital in what is sure to be a well-received addition to Birmingham's skyline.
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"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."
Haroon Bhatti, founder and chief investment officer at Merchant Square Capital, added: "We are absolutely delighted to have Maslow Capital as our senior funder for this development.
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"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."