A new funding deal has been secured to support the construction of a major new apartment block in Birmingham city centre.
Court Collaboration and Select Property, the partners behind the Edition Birmingham project, have agreed a £127.5 million loan with Eldridge Real Estate Credit.
The deal adds to the existing funding for the project provided by PGIM to Court Collaboration.
The fresh round of capital will support the construction of the 581-apartment scheme which comprises two towers, of 15 and 46 storeys respectively, on the former council-owned Paradise Circus car park behind Library of Birmingham.
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Other planned amenities include a gym, spa, swimming pool, terraces, work spaces and sky lounge with private dining space.
Midgard was recently selected as the contractor on the development which has already secured over £87 million in revenue through off-plan sales.
Phase one is expected to be completed by 2027.
Court Collaboration's chief executive Alex Neale said: "This funding package from Eldridge, combined with our ongoing support and relationship with PGIM, is an endorsement of the quality of Edition.
"With breaking ground expected soon and completion of phase one in 2027, there's real momentum and excitement building around Edition and what it will bring to Birmingham."
Select Property's chief executive Adam Price added: "I'm really pleased that our partners at Eldridge believe in the inherent investment opportunity Edition provides.
"Birmingham is on the rise, with significant investment in the city centre and a young and growing population that wants high-quality living in the heart of town.
"We've seen strong appetite from owner-occupiers and investors alike, something reflected in the large number of off-plan sales."
John Cole, global head of real estate credit at Eldridge, added: "With over 40 per cent of units already sold, we believe Edition is well-positioned to capitalise on Birmingham's continued growth, and we look forward to a strong and successful partnership."
Gateley Legal and TRST advised on the deal.
