UK: The Erie Docks Apartments (EDA) build-to-rent (BTR) scheme in Salford Quays, Manchester has been refinanced for £57 million through a loan from Cynergy Bank.
The development was a joint venture between Cole Waterhouse and Taurus Investment Holdings in 2023. The 290-unit development is 95 per cent occupied.
Chief investment officer at Taurus Investment Holdings Bill Garey said: “We are pleased to extend our successful partnership with Cole Waterhouse. The refinancing of this development with Cynergy Bank underscores the project’s strong performance and its significant achievements.”
Cole Waterhouse director George Smith said: “Securing this refinancing is a significant milestone for the development. It reflects the project’s strong performance and the confidence that our partners have in its long-term success.”
Cynergy Bank relationship director Dan Whiteman, added: “Cynergy Bank is proud to support this £57 million refinancing for a 290-unit BTR scheme in Salford Quays.”
Highlights:
• The EDA BTR scheme by Cole Waterhouse and Taurus Investment Holdings refinanced for £57 million by Cynergy Bank
• The 290-unit development in Salford Quays, Manchester, was completed in 2023
