Aprirose secured the three-year loan for the 217-unit Tower 2, which will be the real estate investment firm’s second private rented sector (PRS) building at its The Bank development in central Birmingham.
The scheme is adjacent to the 189-apartment Tower 1, which was completed in June 2018.
Tower 2 is expected to be completed in 2019.
Regal Property Group will be delivering both schemes.
“We’re proud to be behind the transformation of Birmingham’s skyline as the city continues to grow, cementing itself as a major UK hub,” said Gary Jones, chief operating officer at Aprirose.
- LBS Properties wins appeal for new 48-storey mixed-use London development
- OakNorth completes £40.2m loan to support development of two resi towers
- Hackney Council selects Countryside for Tower Court regeneration scheme
Selina Dicker, director at Lloyds Bank real estate and housing division, added: “Tower 1 was the first standalone PRS development scheme we backed in the UK.
“Our activity in the sector has grown exponentially since and we’re proud to have continued the journey with Aprirose in Birmingham for what was an even bigger and more significant project.
“PRS – or build-to-rent – provides both a place to live and lifestyle for the many thousands of people drawn to work in thriving city centres, like Birmingham.
“They want to live close to where they work and to the experiences offered by the exciting cultural events and amenities the city provides.”