The loan follows existing funding for the project provided by PGIM to Court Collaboration.

It will support the construction of the flagship 581-apartment scheme in the heart of Birmingham.

Midgard has been selected as the contractor on the development, which has already secured over £87m in revenue through off-plan sales.

Phase one is expected to be completed by 2027.

The development will comprise one- and two-bed apartments, gym and spa facilities, a swimming pool, a sky lounge, and a co-working lounge.

Alex Neale, CEO at Court Collaboration, commented: “This funding package from Eldridge, combined with our ongoing support and relationship with PGIM, is an endorsement of the quality of Edition.

“Our partners recognise that the development brings luxury living to the heart of Birmingham as the city centre benefits from over £1bn of investment over the coming years.

“With breaking ground expected soon and completion of phase one in 2027, there’s real momentum and excitement building around Edition and what it will bring to Birmingham.”

Adam Price, CEO at Select Property, said: “I’m really pleased that our partners at Eldridge believe in the inherent investment opportunity Edition provides.

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“Birmingham is on the rise, with significant investment in the city centre and a young and growing population that wants high-quality living in the heart of town.

“We’ve seen strong appetite from owner-occupiers and investors alike; something reflected in the large number of off-plan sales.”

John Cole, global head of real estate credit at Eldridge Capital Management, added: “The teams at Court Collaboration and Select Property have consistently demonstrated their ability to deliver and market high-quality, competitive residential offerings.

“With over 40% of units already sold, we believe Edition is well-positioned to capitalise on Birmingham’s continued growth, and we look forward to a strong and successful partnership.”

Jesse Bostwick, executive director of European high yield debt originations at PGIM Real Estate, commented: “Court Collaboration has proven to be a trusted partner, and we’re excited to be working together on this project.

“Our PRECap strategy provides capital solutions including preferred equity and other flexible structures across the lending spectrum, which enables us to support projects in markets with strong fundamentals and unlock the potential of key central sites.”

Court Collaboration was advised by Gateley Legal on the legal financing aspects of the transaction and by TRST on debt structuring.