Maslow Capital has provided a €52.2 mln loan to support Canadian real estate investment and asset management firm Starlight Investments in the development of a build-to-rent (BTR) scheme on the Princes Dock, Liverpool.
The scheme is a part of the wider €5.79 bn Liverpool Waters regeneration project.
The BTR scheme is set to be acquired by a Starlight-led Institutional Partnership as part of a forward purchase agreement.
The purchase along with two other projects in Manchester and Ashford represents 'a pivotal element of Starlight’s long-term UK strategy', which aims to target BTR projects across major UK cities and London commuter belt markets, with an initial goal of acquiring €695 mln worth of assets, the company said in a statement.
The 31-storey BTR scheme will see the construction of 278 high-quality residential units, ranging from studios to three-bedroom apartments. The ground floor will be dedicated to commercial and leisure use. Also included are residents’ amenity space and a roof terrace overlooking the Mersey River.
James Henry, director, Deal Origination at Maslow Capital, commented: 'Our partnership with Starlight Investments stems from a shared ambition to alleviate the UK's structural undersupply of housing and Maslow’s continued commitment to funding high-quality living sector assets. We are delighted to support another top-tier institutional partner on an exceptional project that will help address Liverpool's housing needs. Furthermore, this project marks one of the first steps of Starlight Investments' ambitious plan to harness its vast scale and North American expertise to significantly contribute to the UK’s housing supply.'
Daniel Drimmer, founder and CEO at Starlight Investments, added: 'Our venture into the UK's dynamic build-to-rent market, commencing with this landmark project at Princes Dock, Liverpool, signifies a strategic expansion backed by our robust North American portfolio. Securing support from a trusted partner like Maslow is a testament to the alignment between our shared goals.'