Atelier has provided a £7.14m loan to fund the construction of 89 build-to-rent houses near Durham.
The finance will assist with the ground-up development of homes in Esh Winning and is part of a 17-month project.
This marked Atelier’s first collaboration with Placefirst, a build-to-rent developer in the UK.
The project aims to deliver quality and affordable rental properties, which are in high demand in the North of England.
Anthony Dobinson, senior credit manager at Atelier, said: “We are delighted to be working with Placefirst, an award-winning developer, owner and operator of high-quality, energy-efficient homes.
“The Esh Winning scheme will provide 89 new homes, specifically designed and built to satisfy the demand for single family housing in the area.
“We look forward to working alongside Placefirst in delivering this scheme and assisting with future projects.”
Lukman Sabir, finance director at Placefirst, said: “To deliver on our commitment to increase the number of high quality and secure housing options in the UK, working with a financial partner that truly understands the residential sector is essential.
“The loan provided by Atelier, along with their extensive experience in this space, partnered with its knowledge of our needs and ambitions, will provide the right kind of financial partnership that will see us continue to progress this development, bringing much-needed new housing to the residents of Durham.”
