The finance will facilitate the construction of the Affinity Living buildings alongside public realm works at Circle Square in Manchester.
The deal was completed with the Greater Manchester Pension Fund and a number of senior lenders: NatWest, Lloyds Bank Commercial Real Estate and Greater Manchester Housing Fund.
The scheme comprises 683 apartments across both 37- and 17-storey buildings, with shared lounge areas, co-working spaces, supersized gyms and private entertaining spaces.
Work has already started on site with construction partner John Sisk & Son Limited.
Mark Stott, CEO of Select Property Group, said: “This marks a great start to the year for the group and a huge milestone for both Affinity Living and Circle Square.
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“We are delighted to be working with such strong and dedicated partners in Greater Manchester Pension Fund, NatWest, Lloyds Bank and the Greater Manchester Housing Fund and I now look forward to seeing the progression of the scheme over the coming months and years.”
The first phase of the scheme is expected to be completed in Q4 2020, with full completion scheduled for Q1 2021.
Allan MacKenzie, head of Scotland and the North for Lloyds Bank Commercial Real Estate’s private groups team, added: “Build-to-rent will play a pivotal role in providing the housing infrastructure the city’s economy needs to maintain its impressive growth of recent years.
“Circle Square will become a vibrant, new city-centre neighbourhood and we’re both excited and proud to be supporting it.”