Apache Capital Partners in debt-funded property deal

Apache Capital Partners, a real estate asset manager with offices in the UK and Bahrain, has secured £85 million ($105 million) of debt financing to build apartments in Manchester.

The money will fund construction of the 34-storey Angel Gardens project in the city centre by Moda Living, a developer and operator of private rented housing.

Deutsche Pfandbriefbank, a German bank specialising in property financing, provided the loan.

“Well-located developments managed by experienced teams in main regional centres remain an appealing asset class and fit well within our prudent lending strategy,” said Charles Balch, head of the bank’s real estate finance international clients for the UK, central and eastern Europe.

Apache Capital Partners says the development will be the UK’s first major residential tower built outside London since the financial crisis.

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