Trowers advises Apache Capital on the funding of a Moda Living build-to-rent scheme in Glasgow
International law firm Trowers & Hamlins has advised long term client Apache Capital Partners on its debt and equity funding of a build-to-rent development in central Glasgow.
Apache Capital and Moda Living purchased the Glasgow site in 2016. The scheme, known as Holland Park, will see the former Strathclyde police headquarters replaced by four apartment blocks which will provide 433 homes for rent with a final delivery date due in 2023.
As part of the transaction, Trowers acted for the borrower in connection with a £78,750,000 development finance facility with Greenoak. This involved project managing the borrower-side elements of the transaction, including liaising with the lender side teams, equity investors and joint venture partners.
The development will be delivered by joint venture partner Moda Living and is the fifth project funded by the BTR joint venture between Apache Capital and Harrison Street. Apache, backed by UK insurer NFU Mutual, and Harrison Street, launched the JV to deliver high quality BTR developments in core cities across the UK. Other sites being funded by the JV are The Lexington in Liverpool, The Mercian in Birmingham, New York Square in Leeds, and Springside in Edinburgh.
In addition to advising Apache Capital on all of these sites, the Trowers team also advised Apache on Angel Gardens, Moda Living and Apache Capital's flagship BTR scheme in Manchester, which in December 2020 won Property Week's UK Development of the Year award.
Trowers & Hamlins Corporate partner Nick Harrisingh, who led the deal team advising Apache, commented:
"This project once again demonstrates the ambitious plans Apache Capital has in the build-to-rent market. It is particularly pleasing to see Apache Capital and its co-funders continue to fund developments of this scale during these uncertain times."
John Dunkerley, chief executive and co-founder of Apache Capital Partners, said:
"We would like to thank the Trowers team for their support on this project. Their legal expertise has proved invaluable in ensuring a smooth process and we look forward to working with the team on our other BTR portfolio sites."