US-headquartered investor Carlyle’s Global Credit platform is providing Round Hill Capital with a £115 million development loan to fund the construction of a 488-unit luxury build-to-rent project in Manchester.
The deal is the first transaction between the two parties.
Round Hill acquired the Fairfax development, its flagship BTR scheme, via a forward funding agreement in August 2022. The project comprises two towers which provide a mix of one- and two-bed apartments as well as amenities including a gym, co-working space and roof terrace with panoramic views.
The project is the gateway to the Portugal Street East masterplan regeneration area, and is close to Manchester Piccadilly station and the city centre.
“This is a unique opportunity to fund a large scale and landmark residential development alongside a highly established living sector investment manager, in what is a prime area of Manchester,” Taj Sidhu, Head of Carlyle European and Asian Private Credit, said.