UK: Gresham House has agreed a £22 million loan with Leumi UK to fund the development of a 185-unit BTR site in Leeds, delivered by Clegg Construction and Rise Homes.
The Spinners Yard development will deliver one-, two- and three-bedroom apartments as well as a range of amenities including a gym, lounge area and rooftop garden.
The development will also see the regeneration of a brownfield land in the Mabgate area of Leeds city centre. The site will be delivered by Rise Homes, a Gresham House-backed BTR development business.
It is also being supported by grant funding from West Yorkshire Combined Authority via its Brownfield Housing Fund, which supports new housing developments on brownfield sites that have been vacant for long periods.
This is the second loan that Gresham House has agreed with Leumi, after previously agreeing a facility to support the 229-unit Ironworks BTR development in Sheffield, which reached practical completion in August 2023.
Joe Thomas, investment director at Gresham House, said: “This development will make a real impact, providing much-needed affordable and well-fitted rental accommodation in Leeds, so we are delighted to have agreed this loan with Leumi UK to support the Spinners Yard project.”
Gez O’Sullivan, relationship director at Leumi UK, said: “Gresham House’s expertise and experience in the build-to-rent space makes it a natural partner for Leumi, and we look forward to seeing the completion of this much-needed development.”
