Cortland has secured a £129m loan from Canada Life Asset Management to refinance its Colliers Yard build-to-rent (BTR) scheme in Salford.
The loan will be used to refinance Cortland’s existing debt facility secured against the recently completed 50-storey scheme, which comprises 559 apartments. The loan is the first transaction between Canada Life Asset Management and Cortland.
Nicholas Bent, head of real estate finance at Canada Life Asset Management, said: “We are delighted to announce the completion of this transaction with Cortland. This £129m facility reflects our confidence in the quality of this landmark Manchester asset. As an experienced and active lender, the completion of this transaction marks another important milestone for Canada Life Asset Management as we continue to expand our presence in the build-to-rent real estate finance market.
“With a strong track record and deep sector expertise, we remain committed to supporting high quality residential assets and providing bespoke funding solutions across the UK and European markets.”
Debbie McLauchlan, managing director of Cortland, added: “This refinancing highlights the strength of Cortland at Colliers Yard in Manchester and the confidence it continues to attract as a high quality, well-located asset. Manchester remains a compelling residential market, and we’re pleased to have worked closely with Canada Life Asset Management throughout the refinancing process. Cortland at Colliers Yard continues to deliver an exceptional living experience for our residents, reflecting the thoughtful design, service and quality that define the Cortland brand.”
Canada Life Asset Management’s real estate finance team was supported by Fieldfisher and Savills. Cortland was supported by DLA Piper and Knight Frank Capital Advisory.
