Eldridge Real Estate Credit has provided £127.5m loan for Edition Birmingham, a major residential development in the city centre.
The funding will support the construction of 581 apartments across two towers, one at 46 storeys and the other at 15, close to Centenary Square and the Paradise scheme.
The development will offer a mix of one- and two-bedroom apartments.
The scheme is led by Court Collaboration and Select Property, with Midgard as the main contractor.
The project has already achieved over £87m in off-plan sales, with phase one due to complete by 2027.
The facility from Eldridge Real Estate Credit adds to earlier funding from PGIM for Court Collaboration.
The development is being marketed by Select Property and has sold over 40% of its units.
Amenities for residents will include a gym, spa, 20-metre swimming pool, hydro pool, plunge pool, sauna, steam room, sky lounge, private dining on the upper floors, a co-working lounge called The Study, outdoor workspace, and a 9,000 square foot podium terrace with a cinema screen and BBQ area that links the two buildings.
Alex Neale, CEO at Court Collaboration, said: “This funding package from Eldridge, combined with our ongoing support and relationship with PGIM, is an endorsement of the quality of Edition.
“Our partners recognise that the development brings luxury living to the heart of Birmingham as the city centre benefits from over £1bn of investment over the coming years.
“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.”
Adam Price, CEO at Select Property, said: “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.”
Price added: “All this underlines the prestige of Edition and the fact there is nothing else like it in Birmingham.”
John Cole, global head of real estate credit at Eldridge Capital Management, said: “The teams at Court Collaboration and Select Property have consistently demonstrated their ability to deliver and market high-quality, competitive residential offerings.
“With over 40% 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.”
Jesse Bostwick, executive director, european high yield debt originations at PGIM Real Estate, said: “Court Collaboration has proven to be a trusted partner and we’re excited to be working together on this project.
“Our PRECap strategy provides capital solutions including preferred equity and other flexible structures across the lending spectrum, which enables us to support projects in markets with strong fundamentals and unlock the potential of key central sites.”
